Emmanuel OchayiThe Alternative Bank has sealed a multiyear deal with the Niger State government, aiming to drive growth across sectors including agriculture, transportation, energy, and infrastructure.
“This Memorandum of Understanding represents a pivotal step toward maximizing our agricultural potential,” remarked Mohammed Bago, Governor of Niger State, during the MOU signing ceremony alongside Garba Mohammed, Executive Director at The Alternative Bank.
Bago expressed enthusiasm for the institution’s commitment to unlocking the state’s agricultural prowess.
The collaborative initiative outlines plans, intending to prepare 4.5 million hectares of cultivable land over the coming decade by leasing vital earth-moving equipment. This move aligns with the vision to bolster the agricultural landscape, ensuring food security, and enhancing exports within the agro-economy value chain.
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However, the partnership’s scope extends far beyond agriculture. The deal encompasses multifaceted developmental prospects, including the deployment of solar-powered kiosks for healthcare accessibility and community convergence across the state.
Furthermore, it embraces a shift towards sustainable electric transportation, aiming to reduce environmental harm from fossil fuel usage while empowering the populace.
“The opportunities stemming from this deal are immense,” emphasized the Executive Director, highlighting potential international investments of millions of dollars.
One such investment involves a proposed $65 million venture in a sugarcane plantation, poised to generate employment opportunities and produce electricity and other valuable by-products.
Additionally, a UAE-based partner has expressed willingness to invest capital between $1 and $10 million for Alfalfa plant cultivation, earmarking 100,000 hectares of land.
Mohammed advised the state government to consider Ijarah Sukuk from the capital market, offering a cost-effective investment avenue for sustainable returns without significant upfront expenses.
The partnership not only addresses infrastructural needs but also targets financial service access and economic integration for all residents. It proposes a digital platform mirroring the state’s tertiary institutions’ operational models, focusing on healthcare access and the optimization of the drug supply chain.
This collaboration between The Alternative Bank and Niger State signifies a leap towards holistic development, underscoring the bank’s commitment to pioneering innovative solutions for sustainable growth.
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