By Biola Adebayo
The Finance Minister Hajia Zainab
Hajia Zainab Ahmed, stated this at the inauguration of the project in , Abuja.
She explained that large part of the facility will be provided by the Brazilian government.
She explained that the launch of the project was part of efforts by the President Muhammadu Buhari administration to reposition and diversify the economy in a sustainable way.
According to the minister, the loan will be provided in kind through the supply of agricultural machineries and implements in form of Completely Knocked Down (CKD) parts.
Hajia Zainab Ahmed said the project is designed to repay the loan facility through its proceeds, stressing that the repayment will not bring any fiscal burden on the tax payers.
“The project we are launching today will be implemented with a total loan package of $1.1 billion majorly from the Brazilian Government which will be disbursed in four tranches over a period of two years, “ the minister said.
“Another important benefit of the project is that its implementation will be purely private sector led in all its operations including the assembling of the machineries/ implements, operation of the service centres and the agro-processing centres.”
Hajia Zainab Ahmed added that the project will be carried out in phases across all the 774 local government areas.
The minister urged the private sector operators, youths and women to brace for business as participants would be selected on merit.