Nigeria to secure $4.5bn agric loan from China

Nigeria has concluded plans to secure a $4.5 billion loan facility from China to be solely devoted for acquisition of agricultural machinery and infrastructure.

The tools include tractors, bulldozers, graders and irrigation pumps among others.

Addressing newsman in Abuja on Tuesday, Zamfara State governor, Abdulaziz Yari, who doubles as the Chairman of Nigerian Governors Forum, said the loan would have a 20-year repayment period at an interest rate of one per cent.

“China is giving us a credit line of $4.5 billion for the procurement of strategic machinery for rural development and agriculture,” he said.

He added that the agriculture minister, Chief Audu Ogbeh would brief the Federal Executive Council on the details of the loan on Wednesday.

According to him moves have been on to have the National Assembly give the loan process an accelerated deliberation for final approval.

Read also: Exclusive! Senate, Presidency in fresh row over $200m loan request for EFCC

Ogbeh, who also spoke on the issue, said, “We came to brief the President on developments following our visit to China in April last year and our negotiations on a number of issues to deal with machineries for agricultural development.

“We signed an agreement which engages all the states including FCT from the Federal Ministry of Agriculture for the procurement of strategic machinery for rural development and agriculture. Tractors, bulldozers, graders, irrigation pumps, tarsiers and so on from China.

“The Chinese were willing to supply us these things for a long term basis, 20 years credit at an interest rate of one percent per annum.

“A committee has been working on the matter and we are close to sorting out all the small details and that is why we came to see the President.

“Of all the partners we have, the Chinese have shown the willingness to see us out of our problems, because about 30 years ago they were in the same crisis. They see us as people in the same circumstances that they were then and they are willing to help us get out of it and we appreciate it, the president does”, the minister narrated.

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