Ministry of Finance launches "Green Imperative", a Nigeria-Brazil Cooperation to boost Agricultural production.

The Hon. Minister of Finance, Zainab Shamsuna Ahmed, has reportedly launched the "Green Imperative", a Nigeria-Brazil Cooperation to boost Agricultural production.

She said "Today, we launched the "Green Imperative", a Nigeria-Brazil Cooperation aimed at boosting agricultural production. Green Imperative keys into the economic diversification objective of the ERGP which seeks to broaden the revenue inflow from non-oil sectors.

"This Project is a US$1.1b loan package majorly from the Brazilian Government, designed to promote agricultural mechanisation, create employment opportunities for the youth & help our push towards food self-sufficiency. The loan will be disbursed in four tranches over two years.

"A greater percentage of the loan will be provided in kind through machineries & implements in form of completely knocked down (CKD) parts. This will reduce fiduciary risks & create employment opportunities for youth who will be involved in assembling the machineries & implements.

"Implementation of "Green Imperative" will be entirely private sector led in all operations including in assembly of machineries/implements, service centre and agro-processing centre operations. The project will be implemented in all 774 LGAs of Nigeria in phases.

"We expect the private sector, youth and women to get ready for business as the selection of participants in this project will be done on merit to ensure success. We will ensure that participation is devoid of politics and any form of nepotism in this business-driven project.

"We are aware that concerns have been raised about external loans. We assure that "Green Imperative" is designed to repay the loan facility through its proceeds and will not bring any fiscal burden to Nigerian taxpayers.

"This project is borne out of the knowledge that Nigeria & Brazil have similar climatic and soil conditions, coupled with the fact that Brazil has built a reputation for building rugged agric machineries. I understand a Brazil-manufactured tractor from 1946 is still in use today."

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