Minister of Finance of Nigeria, Zainab Ahmed, said, “The $1.1 billion loan would be required for the implementation of Green Imperative, a Nigeria-Brazil Cooperation Project Agriculture.
The loan will be majorly provided by the Brazilian government. It is believed to increase the agricultural sector through the provision of modern machinery/ implements and will also create five million jobs.
Minister disclosed this information while launching the project at the old Banquet Hall, Presidential Villa, Abuja. He also informed, “The project was part of Buhari administration’s moves to reposition and diversify the economy in a sustainable way. The loan will be provided in kind through the supply of agricultural machinery and implements in the form of Completely Knocked Down, CKD, parts. The project was designed to repay the loan facility through its proceeds.
The minister further added, “The project we are launching 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. It is pertinent to state here that greater percentage of the loan will be provided in kind through the supply of agricultural machinery and implements in form of Completely Knocked Down, CKD, parts.”
The project was launched by Vice President, Prof. Yemi Osinbajo. He explained that its aim is to boost agricultural production in Nigeria and described the project as signature focused and said “We cannot bring our nation out of poverty without investment in agriculture. 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.”
He described ‘Green Imperative’ as a game changer, as with mechanised agriculture everything will become different.
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 centers to be established to train not less than 10,000 Nigerians. The project aims to create over five million new jobs, especially among the youths.
