|Nigeria gets $40 million loan from Export/Import Bank of India|
|Emerging Markets Business News|
|Wednesday, 02 December 2009 16:58|
According to him, the loan will be used to build new electricity projects in 49 communities that previously enjoyed none and extend existing networks in another 47 communities.
Chime said that N5.23 billion (US$34 million) would be spent on rural electrification as part of measures to boost industralisation and enhance socio-economic development in the state.
On agriculture, Chime said that in order to make the state self-reliant in food production, N992 million (about US$6.6 million) was allocated to the sector, with emphasis on agricultural inputs and mechanised farming.
"It will also involve the rehabilitation of existing community farms and the designation of new ones across the 17 local government areas.
"With this bold step, the government will address the perennial problem of low utilisation of farmlands and encourage communities to produce food and cash crops where they have comparative advantage," Chime said.