Heifer Int’l raises tractor financing investment to $4.5m




…Targets 50, 000 tractors Nigeria, others

Emma Ujah, Abuja Bureau Chief

Heifer International, an International development organization, has announced an additional $3.5 million in funding for its tractor financing initiative in Nigeria and other Africa countries to speed up agricultural mechanisation on the continent.

The President, Mr. Pierre Ferrari, made the announcement at a meeting with farmers and other stakeholders, in Abuja, this afternoon.

According to him, “Increased mechanization – and tractors in particular – are vital as smallholder- farmers scale up their production and build profitable and sustainable farming businesses.

“We are particularly impressed by Hello Tractor’s Pay-As-You-Go tractor financing model – an innovation that emerged from the AYuTe Africa Challenge, an agritech competition for young entrepreneurs run by Heifer International.”

Mr.  Ferrari noted, “Africa has the lowest number of tractors per farmer globally…

Source: Vanguard Newspaper