FG to launch $1.2bn green imperative agric initiative

Minister of Information and Culture, Alhaji Lai Mohammed, and his Agriculture counterpart, Alhaji Sabo Nanono, on Thursday, disclosed imminent plans by the Federal Government to commence implementation of the $1.2 billion. Green Imperative will roll on a $1.2 billion in-kind loan from Brazil designed to revolutionise the agricultural sector by making 600 tractors available to farmers annually for between five and 10 years.

At a joint press conference in Abuja, the ministers disclosed that “is to be implemented over a period of 5-10 years with funding from the Development Bank of Brazil (BNDES) and Deutsche Bank; with insurance provided by Brazilian Guarantees and Fund Managements Agency (ABGF) and the Islamic Corporation for Insurance of Export Credit (ICIEC) of the Islamic Development Bank (IsDB), and coordinated by Getúlio Vargas Foundation (FGV).

“Private sector operators will operate and manage all the service centres and the assembly plants.

“The programme will create about 5 million jobs and inject over US$10 billion into the economy within 10 years.

“It will create sustainable supply chain of agricultural raw materials for our large manufacturing companies to source locally, thereby saving billions of US Dollars in food-related forex.”

Details later…

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