Niger State Partners with Alternative Bank For Sustainable Development

The Niger State Government north central Nigeria has signed a Memorandum of Understanding (MOU) with the Alternative Bank for the sustainable development of the state.

The MOU, signed in Abuja, covers key sectors such as Education, Health, Agriculture, Transportation, Energy, and Infrastructure.

Governor Mohammed Bago signed on behalf of the State Government, expressing delight with the financial institution’s readiness to partner with the state for maximizing agricultural potential. Governor Bago noted that the state plans to lease earth-moving equipment like Caterpillar, bulldozers, pale loaders, and graders to prepare 4.5 million hectares of cultivable land over the next 10 years.

Bago said, “currently the state is in discussions with Almarai, a Saudi multinational dairy company, for the production of Alfalfa plants. The economic value of the plant has been recognized, and efforts are underway to study its protein content for better seedling cultivation.”

The Governor directed his Deputy Chief of Staff and the Chairman of Niger Foods Limited to collaborate with the Financial Institution to achieve the desired results.

The Executive Director of the Alternative Bank, Garba Mohammed, highlighted multi-million U.S. dollar opportunities for agricultural investment in the state. An international partner is willing to invest $65 million for a sugarcane plantation, creating job opportunities and generating electricity and other products.

Another development partner from the UAE is ready to invest between $1 to $10 million for exporting the Alfalfa plant, requiring 100,000 hectares for cultivation. Regarding the purchase of earth-moving equipment, Mohammed suggested that the state government obtain Ijarah Sukuk from the capital market for 5 to 7 years, emphasizing cost reduction and a return on investment without a substantial upfront cost from the state.

Olusola Akintonde