The Peoples Republic of China has said it will lend Nigeria $4.5 billion to boost local agriculture.
The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others.
Audu Ogbeh, Nigeria’s minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, made the disclosure while speaking to journalists in Abuja on Tuesday.
Messrs. Yari and Ogbe, in their submissions, said they were in the Villa to brief President Muhammadu Buhari on the outcome of their journey to China on the issue.
“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 machineries for agricultural development,” said Mr. Ogbe.
Mr. Yari, on his part, said that the expected loan was $4.5 billion.
“They are giving us a credit line of $4.5 billion which will cover the machineries and infrastructure that is rural earth dams, irrigation and the loan has a 20 years repayment term with 5 years moratorium,” the governor said.
Mr. Yari further noted that the government is making a huge progress with the partnership, adding that China is coming first to support the country.