Nigeria’s Agency Secures $700m Loan To Develop Agriculture, Real Estate

Agriculture, Real Estate

The Nigeria Sovereign Investment Authority has secured a $700 million loan for the development of the nation’s real estate and agriculture sector.

The Managing Director of the organisation, Mr Uche Orji, gave reasons for the securing the loan on Friday at the signing ceremony of the deal in Abuja.

Mr Orji said both sectors had potentials of providing jobs and reducing poverty. Giving a breakdown of the loan, he explained that $500 million had been earmarked for the real estate sector while $200 million would be invested into the agriculture sector.

On her part, the Minister of finance, Mrs Kemi Adeosun, also stated that the initiative was part of the Federal Government’s plan towards attaining economic diversification.

Nigeria’s dire need for economic diversification had become more glaring, with the drop in the price of crude oil which the nation depends hugely on for its revenue.

The nation’s vast arable land has remained unused since the nation shifted focus from agriculture as its economic mainstay to crude oil mining over three decades ago.