Tingo Mobile Advances Loan Facility to All Farmers Association of Nigeria to Finance Cultivation of 3,000 Hectares of New Farming Land for Rice and Wheat Production
Tingo Group, Inc. (TIO)
Company Research
Source: GlobeNewswire
Loan Facility of 3 Billion Naira (Approximately USD $6.5 Million Dollars) Enables Additional Production of More Than 6,000 Metric Tons of Wheat Per Annum and 16,000 Metric Tons of Rice Per Annum Financing Additionally to Accelerate Onboarding of AFAN Warehouses to Tingo Mobile Partnership with Prime Commodity Exchange and AFAN First of Many Planned Financing and Production Deals with AFAN, Representing an Important Extension of Key Relationship Part of Strategy to Significantly Increase Nigeria’s Food Production Levels and Significantly Increase Crop Supply into Tingo Foods Processing Business and Tingo DMCC Export Business MONTVALE, N.J., June 02, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”) announced today that it has provided a 3 Billion Naira (approximately USD $6.5 Million) loan facility to the All Farmers Association of Nigeria (“AFAN”) for the primary purpose of cultivating 3,000 hectares of new farming land for rice and whe
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