Nigeria to access $1.1billion Brazil loan to boost agriculture

The Nigerian government on Thursday disclosed that it would require a total sum of $1.1 billion loan to implement its Green imperative initiative.

The Minister of Finance, Zainab Ahmed, who disclosed this at the launching of the project at the old Banquet Hall, Presidential Villa, Abuja, said the project was part of Buhari administration’s moves to reposition and diversify the economy in a sustainable way.

The initiative is a Nigeria-Brazil Cooperation Project Agriculture.

She explained that the loan which would majorly be provided by Brazilian government, would be provided in kind through the supply of agricultural machinery and implements in the form of Completely Knocked Down, CKD, parts.

The minister said: “The project we are launching today will be implemented with a total loan package of US$1.1 billion majorly from the Brazilian government, which will be disbursed in four tranches over a period of two years.

Read also: FG borrowed N6.1trn from N8.49 pension assets

Vice President, Prof. Yemi Osinbajo, who launched the project, described the initiative as a game changer in repositioning the country’s economy.

“We cannot bring our nation out of poverty without investment in agriculture.

“Also, the share number of young people coming of age will not only need to be fed but employed. They want dignified jobs with decent pay.”

Speaking at the programme, the Brazilian Ambassador to Nigeria, Ricardo Guerra de Araujo, said the $1.1 billion contract includes 10,000 tractors to be assembled here in Nigeria, more than 707 centres to be established to train not less than 10,000 Nigerians. He also said the project aims to create over five million new jobs, especially among the youths.

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