China has agreed to offer a loan value at $4.5 billion to fund agriculture projects in Nigeria. This was revealed by governor of Zamfara State, in the company of the Minister of Agriculture, Chief Audu Ogbeh after a closed door meeting with President Muhammadu Buhari in Abuja recently.
The governor explained that this development was as a result of President Muhammadu Buhari’s visit to China last year even as he stated that the Chinese government in cooperation with the People’s Bank of China and the Federal Ministry of Agriculture were part of the negotiations.
According to him “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 five years moratorium”.
“We are speaking with the group and the Nigerian governors and the technical committee that was set up by the minister and the Ministry of Agriculture and Rural Development”. He added
Yari also noted that government’s plans on diversification of the economy through agriculture would only be realised through mechanised agriculture, as it is the practice in the developed world.
“Meanwhile in other nations, agriculture is with machinery and equipment and we have been doing it for the past 60 years with hoe, so we are making a huge progress with this partnership and realise that China is coming first to support this country.” He said.