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FG Approves $1.2bn Loan Facility for Agric Mechanisation

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  • FG Approves $1.2bn Loan Facility for Agric Mechanisation

The Federal Executive Council on Wednesday approved $1.2 billion loan facility for mechanisation of agriculture in the country.

Mr. Sabo Nanono, the Minister of Agriculture and Rural Development, disclosed this on Wednesday while briefing State House correspondents after the meeting held at the Council Chamber of the Presidential Villa, Abuja.

The minister said the planned mechanisation of agriculture would cut across 632 local governments.

“Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about 950 million Euros translated probably to 1.2 billion dollars.

“This loan is for the purpose of agricultural mechanisation in this country –that will cover about 632 local governments plus 140 processing plants.

“This is going to be a major revolution in the agriculture sector, that we have never seen before,’’ he said.

The Minister of Transportation, Mr Rotimi Amaechi, also said the council approved a memo for the award of contract in the sum N683 million for the purchase of 19 vehicles for Nigeria Ports Authority.

“This is the first time in four years that NPA is buying any vehicle.

“These are operational vehicles; they are not for management staff; they are all Toyota vehicles,’’ he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.