Nigeria is taking a $1.1 billion loan from Brazil to boost agriculture

The bilateral project will enhance the agricultural sector through the provision of modern machinery tools.

Vice President Yemi Osinbajo at the launch of the “The Green Imperative, in Abuja, January 17, 2018 (Facebook/Aso Rock Villa).
  • Nigeria launches 'The Green Imperative', a Brazil- Nigeria bilateral project.
  • The bilateral deal 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.
  • Audu Ogbeh, Agric minister, advises youths to seek wealth through agriculture.

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

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.

Details of the Green Imperative Loan

  • The Nigerian government will get the loan facility in 4 tranches over a period of 2 years.
  • Mostly, it will be provided in kind through the supply of agricultural machinery and implementation in the form of Completely Knocked Down parts, CKDs.

The government believed the arrangement will reduce the fiduciary risk.

Growing concerns over inability to tame unemployment rate

The inability of President Muhammadu Buhari-led to tame unemployment rate in the country has been a growing concern for citizens.

As at the third quarter of 2018, unemployment rate jumped to 115.5 million.

The National Bureau of Statistics (NBS) in its Labour Force Statistics, had said economically active or working-age population (15 – 64 years of age) rose to 23.1% by the end of September 2018, up from 18.1% in 2017.

Nigeria’s debt stock currently stands at N22.4 trillion ($73.21 billion) as at H1 2018 according to the Debt Management Office data.

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