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The Peoples Republic of China is ready to lend Nigeria $4.5 billion to boost local agriculture.
The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others.
This was made known on Tuesday in Abuja by Audu Ogbeh, Nigeria’s minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor.
Messrs. Yari and Ogbe, in their submissions, said they were in the Villa to brief President Muhammadu Buhari on the outcome of their journey to China on the issue.
“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,” said Mr. Ogbe.
Mr. Ogbeh said the loan is for a long term basis, 20 years credit at an interest rate of 1 percent per annum.
The minister said President Muhammadu Buhari directed them to liase with the Ministry of Budget and Planning, Finance and the Central Bank of Nigeria, CBN, to sort out the technical requirements.
Mr. Yari, on his part, said that the expected loan was $4.5 billion.
The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others.
This was made known on Tuesday in Abuja by Audu Ogbeh, Nigeria’s minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor.
Messrs. Yari and Ogbe, in their submissions, said they were in the Villa to brief President Muhammadu Buhari on the outcome of their journey to China on the issue.
“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,” said Mr. Ogbe.
Mr. Ogbeh said the loan is for a long term basis, 20 years credit at an interest rate of 1 percent per annum.
The minister said President Muhammadu Buhari directed them to liase with the Ministry of Budget and Planning, Finance and the Central Bank of Nigeria, CBN, to sort out the technical requirements.
Mr. Yari, on his part, said that the expected loan was $4.5 billion.