China offers Nigeria $4.5bn loan for farm machinery

ABUJA: China has offered Nigeria a $4.5 billion loan for agricultural machinery and infrastructure, a Nigerian state governor said on Tuesday.

Abdulaziz Yari, governor of Zamfara state, told reporters the loan had a 20-year repayment period at an interest rate of 1 percent. He chairs the forum of Nigeria's state governors.

"China is giving us a credit line of $4.5 billion for the procurement of strategic machinery for rural development and agriculture," he said. He added that the agriculture minister would present the offer to cabinet colleagues on Wednesday and it would be considered by lawmakers for final approval.