A multi-million Naira assembly plant is being targeted by North American company, AGCO which specializes in manufacturing of agricultural equipments, in anticipation of Nigeria’s dream to grow the sector with 300,000 within the next three years.
AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage equipment, groundscare and implements through more than 8,500 independent dealers and distributors around the world.
DigitalSENSE News investigation reveals that AGCO is likely to provide this number of tractors through its worldwide retail financing scheme known as Agricredit joint venture.
Experts at Investopedia says joint venture is the cooperation of two or more individuals or businesses in which each agrees to share profit, loss and control in a specific enterprise. Describing it as a good way for companies to partner without having to merge and are typically taxed as a partnership.
Making this disclosure recently, the Federal Minister in-charge of Agriculture and Rural Development, Dr. Akinwunmi Ayo Adesina, noted that AGCO is the largest manufacturer of Marcy Ferguson tractors globally.
He also stressed that FG has advanced strategies for the establishment of assembly plants in the country following a discussion with the manufacturer in April.
“Nigeria needs at least 300,000 tractors, to enable our youth to get into agriculture as a business,” he declared.
Equally speaking in Abuja, Dr. Adesina reiterated the resolve of the Federal Government, pointing out that already the Nigerian government has concluded farmers’ census, while introducing an agric-wallet and employment of 36 agriculture directors, who have been deployed nationwide at the state capitals.
AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage equipment, groundscare and implements through more than 8,500 independent dealers and distributors around the world. AGCO provides retail financing worldwide through its Agricredit joint venture.
DigitalSENSE News gathered that historically, AGCO Corporation has its roots in the North American farm equipment industry with its heritage reaching as far back as the mid 1800’s through many of its brands. However, its direct lineage is from the Allis-Chalmers brand name.
Also, in 1990 KHD sold its Deutz Allis division to AGCO and ever since, the company has become a world-wide farm machinery company through market growth and strategic acquisitions.
Today, AGCO prides itself with sales of approximately USD$7 billion, about N 1,104,949,957,275.39 trillion, and AGCO is listed on the New York Stock Exchange under the symbol AG.
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