By Grace Samuel
Jaiz Bank Plc, the pioneer Non-Interest Bank in Nigeria, has provided funding for the establishment of a 10,000-hectare irrigation farm in Bauchi State towards boosting food production in the state.
The farm, owned by Tiamin Rice Limited, received the funding under a collaborative effort between Jaiz Bank, the Private Sector-Led Accelerated Agricultural Development Scheme (P-AADS) of the Central Bank of Nigeria (CBN), and the bank’s commercial funds.
It was gathered that the facility will enable Tiamin Rice Limited to expand its processing capacity from 320 metric tons per day to 920 metric tons per day, through the procurement and installation of additional processing machinery and equipment.
This expansion is expected to increase rice production, reduce imports, and enhance food security in the country.
During an 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 to remain steadfast in meeting the bank’s obligations.
He highlighted Jaiz Bank’s commitment to financing agricultural projects that have a direct impact on the lives of common people, business communities, and the country’s economy.
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, which includes employment generation, conservation of foreign exchange, and overall food security.
The Group Managing Director of Tiamin Rice Limited, Aminu Ahmed, applauded Jaiz Bank’s management team for believing in their capacity to manage the project.
He announced that the farm has commenced harvesting 800 hectares of rice plantation cultivated during the dry season and has started preparations for cultivating 2,000 hectares during the wet season.
This partnership between Jaiz Bank and Tiamin Rice Limited is expected to contribute significantly to Nigeria’s rice production, reduce dependence on imports, and enhance the country’s food security.
With this funding, Jaiz Bank has demonstrated its commitment to supporting the growth of the real sector and promoting economic development in Nigeria.