Nigeria to secure $4.5bn Agric Loan From China

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Nigeria has concluded plans to secure a $4.5 billion loan facility from China to be solely devoted for acquisition of agricultural machinery and infrastructure.

The tools include tractors, bulldozers, graders and irrigation pumps among others.
Addressing newsman in Abuja on Tuesday, Zamfara State governor, Abdulaziz Yari, who doubles as the Chairman of Nigerian Governors Forum, said the loan would have a 20-year repayment period at an interest rate of one per cent.

“China is giving us a credit line of $4.5 billion for the procurement of strategic machinery for rural development and agriculture,” he said.
He added that the agriculture minister, Chief Audu Ogbeh would brief the 

Federal Executive Council on the details of the loan on Wednesday.
According to him moves have been on to have the National Assembly give the loan process an accelerated deliberation for final approval.

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