Tingo Mobile PLC boosts Nigerian agriculture with a significant three billion Naira loan, aiming to invigorate food production, export, and agricultural development.
The investment marks a turning point for Nigerian farmers, driving sustainable growth and global market access, while supporting food security and economic stability.
Tingo Group Inc., a leading global Fintech and Agri-Fintech enterprise, recently announced a substantial financial commitment to boost Nigeria’s agricultural sector.
In a historic move, Tingo Mobile PLC, a wholly-owned subsidiary of the group, has extended a three billion Naira loan facility to its strategic partner, the All Farmers Association of Nigeria (AFAN).
Encouraging Food Production and Export
Tingo’s massive financial provision aims to invigorate the food production and export businesses within Nigeria.
With this loan facility, AFAN has gained the monetary resources needed to cultivate an extensive 3,000 thousand hectares of land.
It is a significant step in bolstering rice and wheat production, with per hectare allocations of N620,000.00 and N390,000.00, respectively.
Driving Agricultural Development and Land Utilization
Tingo’s significant investment underscores the emphasis on agricultural development and land utilization in Nigeria.
The loan facility is not merely a financial gesture; it is an opportunity for AFAN to operate under Tingo Mobile PLC’s consistent monitoring and supervision.
AFAN commits to the prudent and transparent utilization of the funds, strictly adhering to the mutually agreed terms and conditions.
Impact on Farmers and the Nation
Farouk Rabiu Mudi, President of AFAN, lauds Tingo’s financial support as a turning point for Nigerian farmers.
“This significant investment from Tingo Mobile PLC represents a turning point for Nigerian farmers.
It illustrates Tingo’s commitment towards supporting Nigeria’s agricultural development, and we are committed to prudently, and transparently utilize the funds, aligning with the agreed terms and conditions,’’ Farouk stated.
Sustainable Growth Through Infrastructure Development
Darren Mercer, Chief Executive Officer of Tingo, expressed confidence that focusing on infrastructure to support Nigeria’s burgeoning export business would drive sustainable revenue and earnings growth.
“We view this dollarization as a crucial milestone for our Group and our business strategies, serving as a significant catalyst for creating value for our shareholders,” remarked Mercer.
Paving the Way for Global Market Access
Dozy Mmobuosi, Founder of Tingo Mobile and Tingo Foods, underscored the potential of their ambitious initiative with AFAN.
He expressed optimism about the export business’s recent launch and the resultant access to global markets.
“We have created a remarkably scalable business with the potential to generate billions of dollars in annual revenue, yielding exceptional profits,” expressed Mmobuosi.
About Tingo Group
Tingo Group, Inc.Operating across Africa, Southeast Asia, and the Middle East, our global Fintech and Agri-Fintech group focuses on delivering an extensive range of innovative solutions.
Our portfolio includes a cutting-edge ‘device as a service’ smartphone and pre-loaded platform product, ensuring a comprehensive suite of offerings for our customers.
The group’s expansion plans involve increasing its number of subscribed farmers from 9.3 million in 2022 to more than 32 million, thereby enabling them to access a host of services.
Navigating the Future: A Conclusion
This loan agreement marks a significant stride for Nigerian farmers, demonstrating the partnership’s adaptability and potential for amendments through mutual consent between Tingo Mobile Limited and AFAN.
It provides reassurance as they navigate the intricacies of food production and export in an evolving market environment.
With Tingo’s support, Nigerian farmers are better positioned to bring transformational improvements in rice and wheat production, ultimately impacting the nation’s food security and improving Africa’s balance of payments.
All information in this news release constitutes forward-looking statements based on management and the Board’s view of future events, expectations, plans, and prospects.
However, these statements are subject to significant risks and uncertainties.
The actual results, achievements, or performance may differ materially from those anticipated and indicated by these forward-looking statements due to a variety of factors.
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