€995 Million Loan For Agricultural Mechanisation From The Brazilian And Deutsche Bank Approved By Senate

The Nigerian Senate has approved a loan from the Brazilian Development Bank and Deutsche Bank worth €995 million for the development of Nigeria’s agriculture value chain.

The federal government announced this on Wednesday evening after the Senate approved the loan, claiming that the Green Imperative Scheme would train 100,000 new extension staff, generate over 5 million jobs, and have a positive effect on over 35 million Nigerians over the next five to ten years.

The Nigerian Senate today accepted the President’s proposal for €995 million in loans from the Export-Import Bank of Brazil (BNDES) and Deutsche Bank of Germany (guaranteed by the Islamic Development Bank) for the Green Imperative Agricultural Mechanisation scheme, according to the federal government.

Across Nigeria’s 774 LGAs, the Loan will finance 632 privately-operated primary production (mechanisation) service centers and 142 agro-processing (value addition) service centers, as well as reactivate six privately-owned partially-operational or moribund tractor assembly plants.”

The service centers constructed with the loans will be used to cover crop and livestock supplies that are prioritized for food security and trade, according to the federal government.