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President Buhari Approves 1.2bn Dollars Loan For Agricultural Mechanization

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President Buhari Approves 1.2bn Dollars Loan For Agricultural Mechanization

President Muhammadu Buhari has approved a 1.2bn Dollars loan facility to finance the mechanization of Agriculture in the country due to a fall in crude oil prices.

At the virtual meeting of Federal Executive Council (FEC), the Minister of Agriculture and Rural Development, Mr. Sabo Nanono said the planned mechanization of agriculture would span 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 mechanization 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.’’

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Teo-Inspiro

Teo-Inspiro International is a media production company that is changing the narrative by empowering young people with digital skills to showcase the beauty of Africa. We provide photography and video coverage for events, produce films and documentaries that tell the African story and organize training programs on camera handling.

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