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Business News of Friday, 24 June 2022


Brazil to supply 10,000 tractors to Nigerian farmers

Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar

The Federal Government of Nigeria has announced that it is working with Brazil to supply and distribute 10,000 tractors to farmers nationwide.

This was disclosed by the Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar, at the opening of Africa’s Agricultural Machines and Equipment Technology Expo in Abuja.

The Minister added that the deal will boost Nigeria’s mechanized food production and enhance food sufficiency in an era of global food crisis.

He said the partnership between Brazil and Nigeria is aimed at fast-tracking the mechanisation of the agricultural sector, improving production, boosting the economy, enhancing food self-sufficiency and creating job opportunities for Nigerian youths.

“The purpose of the expo was also to expose African Farmers to cost-effective farm machines, new farming technologies, to increase foreign direct investments, as well as create business among farm products, producers and processors” which he adds is in line with the administration’s policy on food development.

“It is also a clarion call to bring succour to the drudgery nature of Nigeria’s farm practices in order to encourage the teeming youths to embrace the agricultural sector.

” The quest for food self-sufficiency cannot be achieved using the old method of rudimentary tools,” Abubakar said.

He added that the partnership with Brazil would ensure the provision of 10,000 units of tractors, 50,000 units of assorted implements and equipment, 142 turnkey factories for Agro-Processing, and training of the project beneficiaries for over a period of five years.

Nigeria’s agriculture sector grew by 3.16% (year-on-year) in real terms in the first quarter of 2022, a decrease of 0.42% points from the preceding quarter which recorded a growth rate of 3.58%

Nairametrics also reported that Agritech startups in Nigeria secured significant funding in the amount of $84.05 combined for the period of 2021/22, with the largest being, ThriveAgric which secured $56.4 million in debt funding from commercial banks and institutional investors, bringing its total fund raised between 2021 and 2022 to $58.15 million.