(Ecofin Agency) - Nigeria’s Bank of Industry plans to inject N10 billion ($31.5 million) in the development of its agricultural mechanization.

The funds will be used to implement a program to acquire agro-equipment for Nigerian farmers and agricultural service providers. The intervention is expected to create 10,000 direct jobs and 30,000 indirect jobs.

According to Waheed Olagunju, Managing Director BoI, “It is the largest amount of money that the bank has earmarked for any program and this is a testimony to the importance of agro mechanization in economic development of Nigeria”. “Agriculture holds the key to the diversification of the Nigerian economy at a time of dwindling oil revenue,” he added.

It should be recalled that BoI’s investment results from various memoranda of understanding signed in the agricultural sector with some development partners such as the German International Cooperation Agency for Development (GIZ) and British Department for International Development (DFID).