The agricultural sector is gearing up for a “revolution” as the Federal Government is reported to have approved a loan of EUR 950m which is about $1.2bn “purposely to fund agricultural mechanisation” in 632 local government areas with 140 processing plants.
According to the Minister of Agriculture and Rural Development, Mohammed Sabo Nanono, who disclosed this in a briefing with State House correspondents, the sector is going to experience a major revolution.
He also explained that the spread of the planned investment in the sector would be far-reaching.
“Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about EUR 950m translated to probably to $1.2 billion.
“This loan is for the purpose of agricultural mechanisation in this country that will cover about 632 local governments plus 140 processing plants.
“This is going to be a major revolution in the agriculture sector, that we have never seen before,” Nanono said.
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