Federal Executive Council, FEC, meeting on Wednesday approved a loan of $1.2 billion for the purpose of financing the mechanization of agriculture in Nigeria.
Minister of Agriculture and Rural Development, Mr. Sabo Nanono, disclosed this while briefing journalists after a virtual FEC meeting, which was presided over by President Muhammadu Buhari in the Council Chamber of the Presidential Villa in Abuja.
The online FEC meeting, which was the first of its kind was done in line with Nigeria Centre for Disease Control, NCDC protocol on physical distancing as Nigeria is working tirelessly to contain the spread of the COVID-19 pandemic.
However, Nanono did not provide details of the loan including its source and conditions, but stated that the planned mechanisation of agriculture would span 632 Local Governments Areas in the country.
According to him, “Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about 950 million Euros translated probably to 1.2 billion dollars”
The Minister said, “This loan is for the purpose of agricultural mechanisation in this country –that will cover about 632 local governments plus 140 processing plants.
“This is going to be a major revolution in the agriculture sector, that we have never seen before”