INALDS: NAMEL partners Mantrac to launch Integrated Nationwide Agricultural Land Development Scheme (Photos)

The Nigerian Agricultural Mechanization & Equipment Leasing Company (NAMEL) on Thursday April 4th, 2019 signed a Memorandum of Understanding (MoU) with Mantrac Nigeria Limited (MNL), the sole authorized dealer of Caterpillar Products in Nigeria to launch an Integrated Nationwide Agricultural Land Development Scheme (INALDS).

INALDS which is a private sector initiative of NAMEL in collaboration with Mantrac is designed to open no fewer than 500,000 hectares of unused arable land using the appropriate agricultural land development technology while the payment is structured on a flexible deferred system over a period of 1-3 years.

NAMEL in a statement signed by it’s Chief Executive, Dr. Ahmed Adekunle during the MoU signing event said that the project will incorporate farm management and global best practices along agricultural value chain to optimize the use of the developed lands.

According to him: “this project is structured to compliment and optimize government efforts/resources in land development using a cost split mechanism to support small holder farmers and youth empowerment programmes while creating a flexible investment window for medium and large-scale primary production investors to open more land with little or less initial cost.

“This initiative will effectively tackle current challenges confronting land development by focusing and making available the best land preparation and development machineries in Nigeria through this partnership with Mantrac with the support of the Government at all levels.

“The INALDS specific target is to open at least 13,000 hectares of land in each state in collaboration with Federal, State, Local Government and Private Sector investors. The resources of these stakeholders are thereby converted into a certain percentage as equity while the balance is spread over 2-3years.

Dr Adekunle went further to stress that “NAMEL and Mantrac provides further consultancy/advisory services on the implementation of value chain activities that will guarantee return on investment to ensure repayment of the deferred project cost.

“This MoU signing between the parties, NAMEL and Mantrac welcome collaborations with Government, Private Investors, Financial Institutions, Development Partners and Commercial Farmers for the implementation of INALDS. Another date will be set up for stakeholders’ engagement and proper unveiling of the INALDS to the public and strategic collaborators.” He added.