- Nigeria secures ¥15b to boost agriculture
The Federal Government on Monday said 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 stated this on Monday after the Council Meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Edun disclosed that the support is for three months and will be on a 30-year moratorium with 10% interest rate.
He noted that the provision is a bilateral support that will not place any form of strain on Nigeria financially.
“There is support for agriculture development from the Japanese International Cooperation Agency (JICA), on a national agricultural growth scheme project, essentially around 15 billion yen for the agricultural sector and is essentially a 30-year moratorium, at 10% interest rate. So, it’s a kind of bilateral support that doesn’t put a strain on Nigeria financially, of course, it helps in the agricultural sector,” he said
Edun further disclosed that he informed the Council of President Tinubu’s approval of a request to set up an economic management task team that will implement major measures aimed at growing the Nigerian economy, increase production and create jobs that will also reduce poverty.
He disclosed that the team will work hard in the next six months to drive the President’s economic policies.
“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,” he said.
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, we do have the economic management team and of course their work feeds into the Federal Executive Council, National Economic Council 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,” Edun said.
“So beyond that there is now 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,” he added.
The Minister also stated that the Federal Government has officially ratified its membership of the European Bank for Reconstruction and Development EBRD, through preliminary approval, he said this will further enable the country to 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 and shareholders and they will hopefully be locked in five or six African countries,” the minister said.
“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 and 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.”
The Works Minister, Dave Umahi said FEC also approved a total contract of N1.267 trillion
He disclosed that the contract covers 28 roads and bridges to be carried out in different parts of the country.
