Nigerian govt gets ¥15b loan from Japan for agricultural projects

Nigeria’s federal government has received the sum of ¥15 billion from the Japanese International Cooperation Agency to support the country’s national agricultural scheme project.

Wale Edun, minister of finance and the coordinating minister of the economy, disclosed this while addressing state house correspondents after the federal executive council (FEC) meeting on Monday.

The minister said the loan is payable for the period of 30 years with 10 years moratorium and an interest rate of 10 percent.

The minister added that bilateral support will not place any form of financial strain on Nigeria.

Edun further disclosed that he informed the council of President Bola Tinubu’s approval of a request to establish an economic management task (EMT) force which will implement major measures aimed at growing the economy, increasing production, and creating jobs while also reducing poverty.

He said in the next six months, the task force comprised of the economic management team, the private sector, and representatives of the Nigerian Governors Forum, will work to address critical monetary and fiscal policy challenges while ensuring real sector growth.

The minister said the EMT will be operational over the next six months and report directly to the president while efforts targeted at growing the economy will be implemented.

Similarly, Edun noted that the federal government has officially ratified its membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval.

He said this would further enable the country to use infrastructure as a multiplier to boost the nation’s economy.

Edun said Nigeria’s membership of the EBRD will help the country in lowering logistics costs for transport and infrastructure, hence maximising investment.