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Brazil injects $1.1 billion into Nigeria's agriculture

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Staff Writer | October 27, 2018
Nigeria
LatAm   Successive Nigerian governments have continued to pay lip service

Despite Nigeria's allocation of hundreds of billions of Naira to Agriculture in 2018, some critics claim nothing has been done in the sector.

Now the Nigerian government is set to receive $1.1 billion from Brazil in a deal that also seems to lack transparency.

Successive Nigerian governments have continued to pay lip service to the diversification of the country’s economy towards Agriculture. As crude oil revenues are still huge, the country, blessed with largely arable areas and good weather is unable to tap into the many benefits which agriculture provides.

The current administration which is facing a big re-election battle in 2019 and can only be in power for another 4 years is seeking a loan investment from Brazil to revive its Agricultural sector - which has nothing to show for the almost 1 Trillion Naira which government claims to have made available in the last 3 years.

The Brazilian Ambassador to Nigeria, Ricardo Guerra de Araujo, says Brazil will soon inject 1.1 billion dollars into Nigeria’s agriculture. According to him, Brazil will help to transform Nigeria’s agriculture with the fund by establishing a tractor assembly plant in Bauchi State.


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