Nigeria secures $4.5 billion loan from China

Reading Time: 1 minute
  • To purchase all agricultural equipment from china

[Abuja]–The Peoples Republic of China has announced its readiness to lend Nigeria $4.5 billion to boost her local agriculture.

This was disclosed by Audu Ogbeh, Nigeria’s minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, while speaking to journalists in Abuja on Tuesday.

The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others.

“We came to brief the President on developments following our visit to China in April last year and our negotiations on a number of issues to deal with machinery for agricultural development,” said Mr. Ogbe.

However, he explained that accepting the loan puts Nigeria under an obligation to purchase all their agricultural tools and equipment from China.

“We signed an agreement which engages all the states including FCT from the Federal Ministry of Agriculture for the procurement of strategic machinery for rural development and agriculture; tractors, bulldozers, graders, irrigation pumps, tarsiers and so on from China”, he said.

It should be remembered that this is coming at a point when Nigeria is canvassing for purchase of locally made products, tools and equipment so as to remove the country from the shackles of recession.

Copyright 2017 The Page. Permission to use quotations from this article is granted subject to appropriate credit being given to as the source.



Leave a Reply

Your email address will not be published. Required fields are marked *