Jaiz Bank finances 10,000-hectare rice farm in Bauchi

Jaiz Bank Plc, the pioneer Non-Interest Bank in Nigeria, has provided funding for the establishment of a 10,000-hectre irrigation farm for one of its reliable business partners in Bauchi State, Tiamin Rice Limited.

In a statement, Jaiz Bank said the farm received the funding under a collaborative effort of the Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) of the Central Bank of Nigeria (CBN) and Jaiz Bank’s commercial funds.

The facility will enable the expansion financing of the company’s processing capacity from the existing 320Mt/Day to 920Mt/Day through the procurement and installation of additional 600Mt/Day processing machinery and equipment in Bauchi.

Speaking at the inspection visit to the farm, Jaiz Bank’s Managing Director/CEO, Haruna Musa, expressed satisfaction with the performance of the facility and tasked the farm management on the need to remain steadfast in meeting the Bank’s obligations.

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Haruna also said the Bank had financed several agricultural projects that have direct impact on the lives of the common people, business communities and the country’s economy in general.

Also speaking, Jaiz Bank’s Board Chairman, Alhaji Mohammed Mustapha Bintube, re-iterated the Bank’s commitment to stimulating the real sector of the economy, particularly through agriculture.

Bintube also acknowledged the multiplier effect of agricultural financing as a key enabler in employment generation, conservation of foreign exchange and overall food security of the country.

According to Bintube: “the Bank is willing to do more of such partnerships with reliable and committed investors like Tiamin, to grow the economy.”

In his remarks, the Group Managing Director, Tiamin Rice Ltd, Aminu Ahmed, applauded the bank’s management team for believing in their capacity to manage the two projects.

He said: “The farm has commenced harvesting of about 800 hectares of rice plantation cultivated this dry season, and has started preparations for cultivation of about 2,000 hectares this wet season.”