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AGRICULTURE

Agriculture: FG Targets 5million Jobs, From $1.1b Brazil Loan

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The Federal government has launched a Green Imperatives, an agricultural initiative to be funded with $1.1b loan from Brazil which is expected to generate five million jobs.

Vice president, Yemi Osinbajo who launched the project,described it as signature focused said the government cannot the  nation out of poverty without investment in agriculture.

Speaking during the event,  the Minister of Finance, Zainab Ahmed, said the project would be implemented with a $1.1billion loan package from the Brazilian Government.

“The project we are launching today will be implemented with a total loan package of US$1.1billion 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 machineries and implements in form of Completely Knocked Down (CKD) parts.

“This arrangement is expected to reduce fiduciary risks and create more employment opportunities for our teeming youth and those that will be involved in assembling the machineries and implements,” she said.

She said the loan would be repaid through the proceeds from the projects, assuring that there was no cause for alarm.

“We are not unaware of the concerns of many Nigerians about obtaining external loan. Let me assure you that this project is designed to repay the loan facility through its proceeds. The repayment will not bring any fiscal burden on the tax payers,” she said.

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