The Federal Government is set to borrow $1.2bn from the Dutch Bank and the Development Bank of Brazil to provide for mechanised agriculture in Nigeria.

Senior Special Adviser to the President on Agriculture, Andrew Kwasari, told journalists in Abuja on Wednesday that the initiative was under the Green Imperative Project of government.

He said, “The Green Imperative will address issues of mechanisation and provide agro-processing. These two will work together through service centres that will be created in each Local Government Area in Nigeria.

“This project is a private sector driven one. So all the service centres will be operated by private entrepreneurs and they will have the responsibility of servicing the loan.”

Kwasari added, “The Green Imperative is a borrowing programme that will inject foreign direct investment of €995m, that is $1.2bn.

“This has been structured financially to allow the government use bilateral negotiation and arrive at a financing that is below three per cent per annum interest rate and a gestation period of about 15 years to be paid.”

He said the loan had been insured in the insurance market and that financing was coming from the Dutch Bank and Development Bank of Brazil, while the fund was insured by the Islamic Development Bank.

Kwasari said the loan was structured with a monitoring policy with the Central Bank of Nigeria to allow the lending of the facility to entrepreneurs in naira.

This came as the Minister of Agriculture and Rural Development, Sabo Nanono, on Wednesday tasked investors in the private sector to drive the production of cassava value chain to meet with local consumption and export demands.

‌Nanono said his ministry would create appropriate policies for the successful production and distribution of cassava products to ensure that food and raw materials were available for industries.

The minister said these in his office while hosting the project team of the Economically Sustainable and Integrated Cassava Seed System Phase II.

Source: https://m.punchng.com/Business/FG-to-borrow-$1.2bn-for-agric-mechanisation-others

Nothing new. Buhari has destroyed Nigeria beyond redemption. the northern cabal are using his name to milk Nigeria dry. is there any evil that Buhari has not unleashed on Nigeria. 2023 should come fast so that Nigerians can breathe a sigh of relief

Borrowville. When will they take a loan from that brain bank Dino Melaye recommended for his girl friend?

Ok

Fahdiga:
Nothing new. Buhari has destroyed Nigeria beyond redemption. the northern cabal are using his name to milk Nigeria dry. is there any evil that Buhari has not unleashed on Nigeria. 2023 should come fast so that Nigerians can breathe a sigh of relief

a sigh of relief,u believe come 2023 naija will change,i call it hallucinatory.

With the borrowing, we'll still end up buying rice and beans at an expensive price.... Nothing will change....


Looting awaits the borrowing....

Naija to the world


Nigeria should be renamed as BorrowVille

A country that always borrows! When una go ever lend out? Bunch of wasteful and thieving mofos.

Another fund to loot hence continue the corruption.I though that stupid Shanono-agric minster said #30 can security a plate of food in Nigeria?

Thought himself, Lai Mohammed and the government have shamelessly lied of so much food security in Nigeria that many billionaire rice farmers have sprung up everywhere?

So what do you need this kind of money for when the widespread deteriorating insecurity is not allowing farmers access to farmlands? A lot of issues are not adding up except that this is simply another means to loot scare resources by the corrupt government.

This does not change the fact that in Australia there are 48 million kangaroos and in Uruguay there are 3,457,380 inhabitants. So if the kangaroos decide to invade Uruguay, each Uruguayan will have to fight 14 kangaroos.

A group of people is holding this country at ransom.
They take advantage when of a non existing president and a weak followers that believe in prayers and fasting without demanding accountability from them.
This regime has borrowed more than all past Nigeria government put the together but with nothing to show for it.

This one we are always borrowing... I hope our president is looking for ways to pay back

Borrow borrow president

where herdsmen and bandits have overridden

Hope it won't end up in some people's pockets as usual

Lol.

Fahdiga:
Nothing new. Buhari has destroyed Nigeria beyond redemption. the northern cabal are using his name to milk Nigeria dry. is there any evil that Buhari has not unleashed on Nigeria. 2023 should come fast so that Nigerians can breathe a sigh of relief

Nigeria's perdition is not ending in 2023 bro...Anyi abago wu n'anyi abago...No surprise sey everybody wey dey alive today go still die and Nigeria no go still better.

sakamanjé.... tunamania

this administration is the most clueless and useless nigeria ever had since 1999?

To enrich only them who are in position of power.

It's so sad

Another one? This is not just right. Convert this to naira and you can see the trillions of naira about to the looted for 2023

There is no way 20% of that money would end up in agriculture. Sadly the NASS would approve anything

Our future generations are finished

To enrich only de people in power, the core north

When they need money for there personal gain They Initiate a borrow plan

Ofcourse.

....another cash out

So their plan is to just keep borrowing as much as possible and leave unborn generation to keep paying.

A borrower is a slave to the lender.

At the rate buhari is going on this borrowing thing we may have another colonial master soon

Keep borrowing looting, until there's nothing left.
Mechanized agriculture my foot.
Coming from people who have never made serious effort to stop herdsmen from destroying farmlands.

I want this country sold off to the lowest bidder. It is gradually becoming worthless

The ministry of Agriculture wants to collect his own share of the national cake, since the ministry of Transport, Health, Education, petroleum, information, power has collected theirs. it's a turn by turn something.

Next na ministry of sports

I pity the ones unborn. Na Dem go suffer d cluelessness of today generation