Nigeria Secures ¥15b to Boost Agriculture

The Nigerian government says it has received the sum of ¥15billion  from the Japanese International Cooperation Agency to support the nation’s National Agricultural scheme project .

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun made this known on Monday after the Council Meeting presided over by President Bola Tinubu at the State House, Abuja.

Edun disclosed that the support is for three months and will be on 30years moratorium with 10years percent interest rate ,he added that the provision is on a bilateral support that will not place any form of strain on Nigeria financially.

“And there was support from agriculture from the Japanese International Cooperation Agency on national agricultural growth scheme project, essentially around 15 billion yen for the agricultural sector and is essentially three months 30 years 10 years percent moratorium  percent interest rate. So, it’s the kind of bilateral support that doesn’t put a strain on Nigeria financially, Of course, it helps in the agricultural sector.

Edun further disclosed that he informed the council meeting of President Tinubu’s approval of a request to set up an economic management task team force that will implement major measures aimed at growing the Nigerian economy ,increase production and create jobs that will also reduce poverty.

He added that for the next six months the task force made up of selected members of the economic  management team, the private sector, as well as the sub nationals, the representatives of the Nigerian Governors Forum, will work to deal with major issues of monetary and fiscal policy while ensuring real sector growth.

The Minister added that  the economic management team EMT Task Force, will be operational over the next six months and report directly to the President while initiatives aimed at growing the economy will be rolled out.

“That is the mandate and commitment of Mr. President ,So currently, we do have the economic management team and of course their work feeds into the Federal Executive Council, National Economic Council and, and even the Presidential economic Coordination Council, which is the highest body for economic coordination, chaired by Mr. President himself. And with the vice president as his vice chairman of that council.

“So beyond that there is now instead of just the economic management team, an economic management team task force and for the next six months that task force made up of selected members of the economic  management team, the private sector, as well as the sub nationals as well as the Nigerian governors forum who will work assiduously to ensure that having dealt with major issues of monetary and fiscal policy, that there are real sector growth is assured companies are helped through these difficult times with fiscal incentives and other measures to ensure the survival of companies both the large scale ones as well as the medium and small scale”.

The Minister also made known that the Nigerian government has officially ratify its membership of the European Bank for Reconstruction and Development EBRD, through preliminary approval, he said this will further enable the country use infrastructure as a multiplier to grow the nation’s economy.

“We also fulfilled a commitment by Mr. President way back in June when we met the European Bank for Reconstruction and Development they had said they were looking to spread beyond the region of Europe and to take on partners shareholders and they will hopefully locked in five or six African countries.

“Interesting now preliminary approval has been ratified by the Federal Executive Council. We are going to be members of the European development and  infrastructure, and I do good to hear very shortly about the new initiatives, Describing an initiative that Mr. President brought to the Federal Executive Council along that line, infrastructure is critical is a major catalyst and a multiplier to grow in the economy.

Edun added that Nigeria’s membership of the EBRD will help the country reduce cost logistics on transportation and infrastructure hence maximizing investment.

March 26, 2024