Brazil To Invest $1.1bn Into Nigeria’s Agriculture

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The Brazilian Ambassador to Nigeria, Ricardo Guerra de Araujo, says Brazil will soon inject $1.1 billion into Nigeria’s agriculture.

The envoy said in an interview with News Agency of Nigeria (NAN) in Abuja that an agreement between the two countries would be concluded by the end of October.

The ambassador spoke at a dinner to sensitise Nigerians on an agriculture programme – Agritech Nigeria – organised by the Osun Government.

According to him, Brazil will help to transform Nigeria’s agriculture with the fund by establishing a tractor assembly plant in Bauchi State.

He said the use of tractors and modern technology for farming in Nigeria would boost productivity.

“The package proposed by Nigeria’s Ministry of Agriculture and Rural Development would move Nigeria’s agriculture sector forward”, he said.

The ambassador said that the project to be financed by the Brazilian Exim-Bank would come in three phases while the Central Bank of Nigeria would make available concessional resources through local banks.

The proposed term of financing is 13 years including 10 years of repayment and two years of grace.

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