FEC approves $1.2bn loan for mechanisation of agriculture

his loan is for the purpose of agricultural mechanization in this country that will cover about 632 local government areas and 140 processing plants
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Nigeria's President Mohammadu Buhari Signing

Wednesday the Federal Executive Council (FEC) approved a $1.2 billion lending facility to fund the country's agricultural mechanization.

After the virtual FEC meeting anchored from the Presidential Villa Council Chamber, Abuja, the Minister of Agriculture and Rural Development, Sabo Nanono, disclosed this to State House correspondents.

President Muhammadu Buhari had presided over the conference.

The meeting was in line with the Nigeria Center for Disease Control (NCDC) protocol on physical distance as Nigeria is trying to track the COVID-19 pandemic spread.

Nanono said the proposed agricultural mechanization would spread through 632 areas of the country's local government.

The minister declared:

“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.

“This loan is for the purpose of agricultural mechanization in this country that will cover about 632 local government areas and 140 processing plants.

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

The Transportation Minister Rotimi Amaechi, for his part, said the Council approved the N683 million amount for the purchase of 19 vehicles for the Nigeria Ports Authority (NPA).

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