The Federal Executive Council (FEC) Wednesday approved a loan facility of $1.2 billion to finance agricultural mechanization in the country.
The Minister of Agriculture and Rural Development, Sabo Nanono, disclosed this to State House correspondents after the virtual FEC meeting anchored from the Council Chamber of the Presidential Villa, Abuja.
The meeting was presided over by President Muhammadu Buhari.
The meeting was in line with Nigeria Centre for Disease Control (NCDC) protocol on physical distancing as Nigeria strives to check the spread of the COVID-19 pandemic.
Nanono said the planned mechanization of agriculture would cut across 632 local government areas of the country.
The minister said: “Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about 950 million Euros translated probably to $1.2 billion.
“This loan is for the purpose of agricultural mechanization in this country that will cover about 632 local government areas and 140 processing plants.
“This is going to be a major revolution in the agriculture sector, that we have never seen before.”
On his part, the Minister of Transportation, Rotimi Amaechi, said the Council approved the sum N683 million for the purchase of 19 vehicles for Nigeria Ports Authority (NPA).