The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced on Monday that the federal government has received ¥15 billion from the Japanese International Cooperation Agency to support the nation’s National Agricultural Scheme project.
Edun made this disclosure after the Federal Executive Council Meeting, which was presided over by President Bola Tinubu at the Presidential Villa. He revealed that the support from Japan is for a duration of three months and comes with a 30-year moratorium with a 10 percent interest rate.
Speaking further, Edun assured that this bilateral support from Japan will not strain Nigeria financially. He emphasized that the assistance is specifically aimed at bolstering the agricultural sector, thereby contributing to its growth and development.
Additionally, Edun informed the council meeting attendees of President Tinubu’s approval of a request to establish an Economic Management Task Team. This team will be tasked with implementing major measures aimed at fostering the growth of the Nigerian economy.
The receipt of the ¥15 billion support from Japan marks a significant boost for Nigeria’s agricultural sector, demonstrating the government’s commitment to enhancing productivity and sustainability in the agricultural industry.
