Stanbic IBTC, the Nigerian unit of South Africa’s Standard Bank Group, says it is partnering with American agricultural equipment maker, John Deere to provide funding for farmers to acquire agricultural machinery and heavy equipment.

Sealing the partenership in the Nigeria’s capital, Abuja, the financial services firm disclosed that it would provide an array of financial supports to customers of heavy machinery firm.

Chief Executive Officer of Stanbic IBTC Holdings, Mrs Sola David-Borha said the joint venture was expected to fuel Nigeria’s quest to develop its agricultural sector, by providing better access to bank financing for small-holder farmers.

“The venture with John Deere resonates well with our vision and strategy to help stimulate growth of the country’s agricultural sector on a sustainable basis”, David-Borha said.

The CEO thereby urged stakeholders in the industry, particularly commercial farmers and small-holders to seek structured funding to so as to enhance their productivity.

Commenting on the collaboration, the Managing Director of John Deere financial, sub-Saharan Africa, Mr Jacques Taylor, said; “the partnership would create a platform to support stakeholders especially dealer networks, to enable them obtain financing for their customer, while driving the sale of the John Deere heavy tools”.

Often considered one of the largest manufacturers of agricultural machinery in the world, John Deere agricultural products include tractors, combine harvesters, amongst others.

The partnership is expected to assist farmers, while boosting the agricultural sector  in the country.