News in brief: John Deere, a top American machinery maker, plans to establish a tractor assembly plant in Nigeria, following the Vice President’s visit to the United States. The company seeks credit guarantees to facilitate the project and boost food productivity in Nigeria.
Nigeriaâs Federal Government has disclosed plans by top American machinery maker John Deere to establish a tractor assembly plant in the country.
This was disclosed by the Senior Special Assistant on media and publicity of the office of the Vice President, Stanley Nkwocha. He said the move is a direct consequence of the VPâs trip to the United States.
STATE HOUSE PRESS RELEASE
AS SHETTIMA WOOS INVESTORS IN US:
American Firm, John Deere, To Establish Tractor Assembly Plant In Nigeria
The gains on foreign investments recorded from Vice President Kashim Shettimaâs visit to the United States swelled again, as an American⦠pic.twitter.com/L6Y66OO3s5
— Stanley Nkwocha (@stanleynkwocha_) October 30, 2023
The meeting was attended by representatives of John Deere company, as well as Nigeriaâs VP Kashim Shettima, Minister of Agriculture and Food Security Abubakar Kyari and others, with the Chairman of Flour Mills of Nigeria John Coumantaros playing facilitator.
Shettima highlighted the importance of mechanisation, without which, he believes the country will never be truly self-sufficient in food production. He maintained that the Tinubu administration is fully committed to revitalising the Nigerian agricultural sector, while also ensuring the nationâs drive to attain self-sufficiency in food production. Hence, the importance of John Deere’s presence in Nigeria.
He also mentioned other elements that were essential in meeting food production objectives like certified seeds, provision of fertiliser, and agricultural extension services.
The Vice President added that Special Agro-Industrial Processing Zones (SAPZs) provide a platform for investors to add value to Nigeriaâs agri-value chain. Meanwhile, he reminded investors of the Tinubuâs declaration of emergency regarding food security earlier in August as evidence of the administration’s commitment to the sector.
Representative of John Deere tractors and Vice President of Production systems, Jason Brantley said that the plan to set up a tractor assembly plant would boost food productivity in the West African nation. He also said governmentâs investment in the scheme is not necessary.
However, the company’s executive called for credit guarantees to facilitate access to affordable credit for individuals or groups interested in the endeavor. He said that his employers were eager to promptly initiate discussions with Nigerian authorities to realise the goal of establishing the assembly plant.
John Deere is ranked No.â¯84 in the 2022 Fortune 500 list of the largest United States corporations and is the world’s biggest agriculture machinery maker.
