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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