Ogbeh meets Chinese officials to review $4.5b loan terms

Image result for Audu Ogbeh meets Chinese official to review loan termsNigeria’s agriculture minister has met with Chinese officials to review terms of a proposed 4.5 billion dollar loan.

The meeting also included some state governors, who are to benefit from the support that also includes farm machinery.

This loan is to boost the performance of Nigeria’s agricultural sector and eight states are to benefit from the development.

But the agriculture authorities and the benefitting states appear not to be in total agreement with the conditions attached to getting this assistance from China.

The process is now being reviewed.

The governors have reservations about the loan rate and repayment process,quality of equipment being offered and counterpart funding among other areas.

The Chinese side to the agreement agrees to meet the demands from the Nigerian authorities to ensure the country is not shortchanged.

Revised terms of agreement for the deal’s implantation will now be put in place to guide its implementation ahead of its eventual approval by relevant authorities.

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