Brazil To Pump $1.1bn Into Nigeria's Agricultural Sector
Image: DW

The Brazilian Ambassador to Nigeria Ricardo Guerra de Araujo has said his country would soon pump $1.1 into Nigeria’s agricultural sector.

Araujo said this on Thursday in Abuja where he noted that an agreement between Brazil and Nigeria on the matter would be finalized by October.

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According to the envoy, the South American nation is ready to help Nigeria in transforming her agricultural sector.

He noted that the fund would be used to set up a tractor assembly plant in Bauchi State, saying that the adoption of mechanized farming would boost productivity.

“It will also keep the youth busy because they will be employed, and create development in the area where the plant is established,” he said.

In addition, he revealed that the proposed term of financing is 13 years with 10 years of repayment and two years of grace.