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Nigerian National Entrepreneurship Forum (NEF) and Federation of Agricultural Commodity Association of Nigeria (FACAN) have signed a Memorandum of Understanding (MoU) to access $5 billion provided by the Chinese government for entrepreneurs in the country.

At the signing of the MoU, President, NEF, Sidney Inegbedion, explained how the funds would be disbursed to both sectors of the economy, as the group would work with the Chinese government through the Central Bank of Nigeria to make the fund available for disbursement.

FACAN, which is the umbrella body for over 49 associations representing different strategic sectors of the agriculture value chain, explained the importance of the fund to the Nigerian Entrepreneur Forum (NEF), stating that the provided monies would the country an opportunity to expand the horizon of indigenous farmers and position them for the global market place.

Inegbedion also disclosed that Nigerian farmers required training, funding, creation of market access, locally and internationally and the deployment of mechanized equipment and modern infrastructure for the growth and development of agriculture in Nigeria.

‘’We have collectively decided as a nation that reliance on monoculture or the crude oil will not do us any good in the light of the global change. Agriculture remains constant. The coming together of Nigerian entrepreneur forum and FACAN is to address these issues,” Inegbedion said.

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[READ MORE: Siemens signs €250m electricity deal with Ghana)

However, NEF is a private sector-driven organization that enjoys support from the public sector. It is a forum that promotes and propagates the establishment of new enterprises as the only solution to unemployment, restiveness, powerlessness and the basis for wealth creation, financial freedom, and self-esteem.

Meanwhile, the $5 billion is also expected to fund German and United State initiatives which have begun through sponsorships of the various projects.

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