Jaiz Bank Plc, Nigeria’s first Non-Interest Bank, has funded the establishment of a 10,000-hectare irrigation farm in Bauchi State for Tiamin Rice Limited, one of its reliable business partners.
In a statement, Jaiz Bank revealed that the funding was made possible through a collaborative effort with the Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) of the Central Bank of Nigeria (CBN), alongside Jaiz Bank’s commercial funds.
This funding will facilitate the expansion of the company’s processing capacity from 320 metric tons per day to 920 metric tons per day. It will achieve this through procuring and installing an additional 600 metric tons of processing machinery and equipment in Bauchi daily.
During an inspection visit to the farm, Jaiz Bank’s Managing Director/CEO, Haruna Musa, expressed satisfaction with the facility’s performance and emphasized the need for the farm management to remain committed to meeting the Bank’s obligations.
Musa highlighted that Jaiz Bank has financed numerous agricultural projects that directly impact the lives of ordinary citizens, business communities, and the nation’s economy.
Similarly, Jaiz Bank’s Board Chairman, Alhaji Mohammed Mustapha Bintube, reiterated the Bank’s commitment to stimulating the real sector of the economy, particularly through agriculture. He acknowledged the multiplier effect of agricultural financing in employment generation, conservation of foreign exchange, and overall food security in the country.
Bintube expressed the Bank’s willingness to engage in more partnerships with reliable and committed investors like Tiamin to foster economic growth.
In response, the Group Managing Director of Tiamin Rice Ltd, Aminu Ahmed, commended the bank’s management team for believing in their capacity to manage the projects. He noted that the farm has already commenced harvesting about 800 hectares of rice plantation cultivated this dry season, with preparations underway to cultivate about 2,000 hectares in the upcoming wet season.
