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Nigeria Takes $1.1B Loan for agriculture

Nigeria takes a loan of $1.1 billion from Brazil. It will invest the money in agriculture with the possibility of creating 5 million jobs. How I wish Brazil has invested that money in the amalgam of agtech, agro-processing, and farming startups in Nigeria.

The Federal Government has said that it seeks to create additional five million jobs under a new agricultural programme with the Government of Brazil.

The Brazilian Government is offering a loan of $1.1billion for the programme, called ‘The Green Imperative.’

Unfortunately, Brazil is coming to sell farming technologies, disguising it as a loan so that those items its companies have struggled to sell globally would be dumped in Nigeria. The fact is this: local Nigerian startups are making progress in finance, agriculture, cleantech, etc since forex went up. These humongous loans distort market equilibrium by dumping under-priced foreign tools.

We must be smarter as a nation!

I actually support what you said about Brazil investment farming startups in Nigeria. It would have been really good for both countries in term of agriculture and food production development.