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Wednesday, 05 April 2017

Nigeria: China to Loan Nigeria $4.5 Billion to Boost Agriculture

The Peoples Republic of China has said it will 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. Audu Ogbeh, Nigeria's minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, made the disclosure while speaking to journalists in Abuja on Tuesday. 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. "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 1 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." ‎ Commenting further, 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.

Source: Allafrica

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