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Nigeria to Insert $10 Billion into the Economy and Five Million Employment Creation
Posted On 06 Jun 2020
By Abdul Rahman Bangura–
Photo Credit: Quote inspector
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- On June 4th, 2020, the Federal Government of Nigeria announced, it would generate about five million employment and insert over $10 billion into the thrift of Nigeria in the subsequent ten years through its Agriculture Revolution Program labeled “The Green Imperative.”
Moreover, this would also establish a bearable merchandise string of raw materials for the country’s huge manufacturing corporations, to stream locally, this saving billions of dollars in food-related foreign exchange.
The country’s Minister of Information and Culture – Lai Mohammed expressing in a mutual media briefing in Abuja; in attendance of the Sabo Nanono – the Minister of Agriculture and Rural Development, that; the program with investible funds to the tune of $1.2 billion would save Nigeria’s meager resources, improve merchandised farming and engender value-added agricultural output. In three years, Minister Mohammed clarified that, about 100,000 extension workers will be trained, while the project would impact over thirty-five million individuals nutritionally and economically as well as revitalize exploration and expansion services through a five-year technology package transfer component.
He asserted that, the project, is a Nigeria-Brazil bilateral Agriculture Development Program, conceptualized on June 6th, 2016 by virtue of Nigeria’s enrolment in Brazil’s Government-to-Government More Food International Program (MFIP).
Numerous high-level ministerial, technical visits and trades between both countries led to the eventual signing of a Bilateral Protocol of Intention with the Brazilian administration in March 2017.
Yemi Osibanjo – Vice President undertook the program on January 17th, ,2019 at an event graced by diplomats of the South American nation, Deutsche Bank in addition to the private sector players from the two nations.
The Minister mentioned that, the project would be executed from five to ten years with allotment from the Development Bank of Brazil (BNDES) and Deutsche Bank, while insurance is to be given by the Brazilian Guarantees and Fund Managements Agency (ABGF) and the Islamic Corporation for Insurance of Export Credit (ICIEC) of the Islamic Development Bank (IsDB) and organized by Getúlio Vargas Foundation (FGV).
Clarifying how the program will swivel agriculture around in Nigeria, the minister expanded that; six plants would be reactivated in all of the nation’s the six-geopolitical zones to assemble tractors and other implements besides importation of the Completely Knocked Down (CKD) parts of about 5,000 earth removers and numerous tools for 10 years.
Additional anticipated help, is the constitution of 142 agro-processing centers for value addition.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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Go Nigeria go Africa mechanize farming is the solution. Let us all make it happen. Let feed out self. Lagos, Nigeria. Ode
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Any investment to our people, will pay off. Most governments in the continent are starting to invest for the future. Cairo EGYPT, Ahmed
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