Nigeria’s agricultural sector is set to receive a boost thanks to a US$1.1 billion loan from the Brazilian government. This is in a move to diversify the West African country’s economy while alleviating unemployment.
According to a Business Insider report, ‘the Green Initiative’ will enhance the sector ‘through the provision of modern machinery tools’. Disbursed in four tranches over the next two years, the loan will result in the assembly of 10 000 tractors, with more than 700 centres being established around Nigeria to train an estimated 10 000 people in terms of agricultural machinery as well as agro-processing, ultimately providing as many as 5 million jobs. The initiative is expected to benefit all 774 of Nigeria’s local government areas.
‘We cannot bring our nation out of poverty without investment in agriculture,’ says Nigerian Vice-President Yemi Osinbajo. ‘The sheer number of young people coming of age will not only need to be fed but employed. They want dignified jobs with decent pay.’
