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Nigeria and Saudi Arabia Sign Historic Trade Deal

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Saudi Minister of Communications and Information Technology Abdullah Al-Swaha receives his Nigerian counterpart Dr. Isa Ibrahim

In a move aimed at boosting Nigeria’s foreign exchange earnings, the Federal Government of Nigeria has entered into a landmark export agreement with Saudi Arabia.

The deal will see Nigeria export 200,000 metric tons of red meat and 1 million tons of soya beans annually to the Kingdom.

According to the Minister of Agriculture, Senator Abubakar Kyari, the agreement is a result of ongoing trade negotiations between the two nations. Kyari added that the Federal Government and Nigerian entrepreneurs have already sorted out modalities for the export agreement.

This development is expected to significantly enhance Nigeria’s agricultural sector and promote food security. The deal is also expected to generate significant revenue for the country.

In a related development, the Federal Government has approved four agriculture mechanization programs aimed at enhancing the sector’s productivity. The programs include a 10-year, $1 billion consortium led by Origin Group, which will establish 1000 agro-sector service providers nationwide and deploy a minimum of 2000 tractors annually for the next five years.

Other initiatives include the John Deere Tata arrangement, the Greener Imperative Project, and the Belarus tractors deal. These efforts aim to modernize Nigeria’s agricultural sector and make it more competitive globally.


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