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Nigeria taking $1.1 billion loan from Brazil to boost agriculture

Staff Writer |
Nigerian government said it will take $1.1 billion loan from the Brazilian government to boost the agricultural sector and provide five million jobs.

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This, the government said it will be done through ‘The Green Imperative’, a Brazil–Nigeria bilateral project conceived to enhance the agricultural sector through the provision of modern machinery tools.

According to the government, the partnership also includes 10,000 tractors to be assembled in Nigeria, more than 707 centres to be established to train not less than 10,000 Nigerians.

Yemi Osinbajo, Nigeria's vice president who launched the project in Abuja, said the ‘Green Imperative’ is aimed at boosting agricultural production in Nigeria.

Osinbajo described the project as “signature focused”, noting that “We cannot bring our nation out of poverty without investment in agriculture. Also, the sheer number of young people coming of age will not only need to be fed but employed. They want dignified jobs with decent pay.”

He further described the ‘Green Imperative’, as a game changer.

The country's Agric minister, Audu Ogbeh, who advises youths to seek wealth through agriculture, added that the Brazilian support will take Nigeria to see the government want by reducing importation, unemployment and poverty.

The government believed the arrangement will reduce the fiduciary risk.

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