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| Jaiz Bank Supports 10,000-Hectare Rice Farm in Bauchi |
Jaiz Bank Plc, Nigeria's first Non-Interest Bank, has financed the creation of a 10,000-hectare irrigation farm for its trusted business associate in Bauchi State, Tiamin Rice Limited.
Jaiz Bank announced that the farm's financing came from a joint initiative of the Central Bank of Nigeria's Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) and Jaiz Bank's own commercial funds.
This funding will facilitate the growth of the company's processing capabilities from the current 320Mt/Day to 920Mt/Day by acquiring and setting up an additional 600Mt/Day of processing machinery and equipment in Bauchi.
During a site visit, Jaiz Bank's Managing Director/CEO, Haruna Musa, was pleased with the facility's performance and urged the farm's management to diligently fulfill the Bank's requirements.
Haruna also mentioned that the Bank has funded numerous agricultural initiatives that significantly affect ordinary citizens, the business sector, and the nation's overall economy.
Jaiz Bank's Board Chairman, Alhaji Mohammed Mustapha Bintube, reiterated the Bank's dedication to energizing the real sector, especially agriculture.
Bintube recognized the substantial role of agricultural finance in creating jobs, saving foreign exchange, and ensuring the country's food security.
Bintube stated, "The Bank is eager to engage in more such collaborations with dependable and dedicated investors like Tiamin to enhance the economy."
The Group Managing Director of Tiamin Rice Ltd, Aminu Ahmed, commended the bank's management for their confidence in their ability to oversee the projects.
He reported, "The farm has begun harvesting around 800 hectares of rice planted this dry season and is preparing to cultivate approximately 2,000 hectares in the upcoming wet season."
