FG Launches $1bn Agric Loan Scheme, Claims it Will Create Jobs

FG Launches $1bn Agric Loan Scheme, Claims it Will Create Jobs

Mrs Zainab Ahmed, Nigeria’s Minister of Finance has assured the $1 billion loan facility for farmers recently launched under the Federal Government’s “Green Imperative” Scheme will ensure food security in the country and create jobs.

Mrs Zainab disclosed this during the official launch ceremony of the project in Abuja on Thursday.

The project launch ceremony was presided over by Nigeria’s Vice Presided, Professor Yemi Osinbajo.

The Minister said the project will contribute greatly towards the growth of the nation’s economy.

She said, “the positive results the loan will yield under the ‘green imperative’ initiative in the agricultural sector, will no doubt transform the country’s economic landscape.

“The project will be implemented with a total loan package of $1.1billion majorly from the Brazilian government, which will be disbursed in four tranches over a period of two years,” the minister explained.

“l have no doubt that this project will help to ensure food self-sufficiency, create more employment opportunities for our teeming population and also help transform the economic landscape of Nigeria.”

The minister clarified the loan may not come in monetary form as “the greater percentage of the loan will be provided in kind through the supply of agricultural machinery.”

She explained further that the beneficiaries will receive necessary agricultural equipment and seedlings.

The Minister then revealed the project will be implemented by the private sector.

“the project to involve the Nigerian private sector, youth and women will be implemented in all the 774 local government areas of the country in phases, with the selection of the participants to be based on merit, devoid of politics and any form of nepotism.”

Details about the project will be communicated to members of the public.

See Also: Husband And Wife Infected With Lassa Fever in Kwara