Brazil to inject over $1bn into Nigerian agriculture

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Published in
10/19/2018 at 5 pm
from
APA News

Brazilian Ambassador to Nigeria Ricardo Gerra de Ararajo said that Brazil would soon introduce $ 1.1 billion into the agricultural sector of Nigeria. According to the envoy, the agreement between Brazil and Nigeria on the plan will be completed by the end of October.

The dinner ambassador to focus Nigerians on the agriculture program, Agritech Nigeria, organized by the government of Osun, said Brazil would help turn Nigeria's agriculture into a foundation by building a tractor factory in Bauchi.

He said that the sustainable use of tractors and modern technologies for agriculture in Nigeria will help increase productivity.

He added that mechanized farming will improve value addition, the development of food systems and other opportunities for farmers.

The Ambassador explained that the mechanization of agriculture will reduce personnel and labor problems and improve the timeliness of agriculture.

According to him, it will also increase the efficiency of resource use, expand market access and help mitigate climate-related hazards.

“It will also keep young people, because they will be hired and create development in the area where the plant was established,” he said.

He said that the package proposed by the Nigerian Ministry of Agriculture and Rural Development will move Nigeria’s agricultural sector forward.

The ambassador said that the project, which will be funded by Brazilian Exim-Bank, will be held in three stages, and the Central Bank of Nigeria will provide concessional resources through local banks.

According to the envoy, the proposed financing period is 13 years, including 10 years of maturity and two years of literacy.

The ambassador said that under the project, Brazil will take agricultural equipment that will create more jobs for Nigerian youth and stabilize the agricultural sector.

Bilateral relations between Nigeria and Brazil date back to the 18th century.

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