NIGERIAN AGRICULTURAL SECTOR TO GET US$1.1bn INVESTMENT FROM BRAZIL

Nigerian agricultural sector will receive investment from Brazil worth US$1.1 billion by the end of October 2018.

The Nigerian agricultural sector will receive a US$1.1 billion investment from the Brazilian government by the end of October 2018. This information is according to Ricardo Guerra de Araujo, Brazil’s Ambassador to Nigeria. The fund is to help boost the country’s agricultural sector.

The US$1.1 billion will be for buying tractors, which will eventually aid in mechanization of Nigeria’s agricultural sector. According to Araujo, increasing the productivity of the agriculture sector will also help encourage food security and financial opportunities for Nigerian farmers.

Expending of the US$1.1 billion to Nigeria will be by the Brazilian Exim-Bank. The Nigerian Central Bank will coordinate the concessional resources needed. The deal is under a ten-years repayment plan and will also have a duration of thirteen years.

This partnership between Nigeria and Brazil will help ensure efficient productivity, enhanced market accessibility, and also mitigate climate-change related hazards. In addition, the program will promote employment, reduce hard labour and stress for farmers in Nigeria.

Nigeria have a large expanse of arable land that have remain unused, and this is majorly due to excessive focus on oil.

Now is the time to take this advantage and invest in Nigerian Agriculture.