Nigeria’s Federal Executive Council (FEC) has approved a substantial loan of $618 million to enhance the country’s defense capabilities. The loan, facilitated by a group of financiers, will be utilized to procure six fighter aircraft and ammunition for the Nigerian Air Force. This significant development is expected to bolster the nation’s security and defense infrastructure.
According to Minister of Information and National Orientation, Mohammed Idris, the loan amounts to 443,330,781.49 euros and $141 million. The funds will be specifically used to purchase six units of M346 fighter aircraft and ammunition. President Bola Tinubu presided over the FEC meeting where the approval was granted.
This acquisition is part of the Nigerian Air Force’s broader fleet renewal strategy, aimed at modernizing its capabilities. The Air Force plans to acquire 24 M-346 combat jets and 10 AW109 Trekker helicopters. The first three M-346 jets are expected to arrive by early 2025, with subsequent deliveries scheduled until mid-2026.
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In addition to strengthening national security, the FEC also approved the establishment of the Creative Economy Fund. This initiative seeks to deepen the creative sector and provide funding opportunities for creatives to monetize their intellectual property. The fund has already secured commitments from Afreximbank and other sources, totaling $200 million.
The Creative Economy Fund is anticipated to drive economic expansion, creative expansion, cultural expansion, and job creation, particularly for the younger demographic. This development has the potential to positively impact Nigeria’s economy and provide opportunities for growth and innovation.
The loan approval and establishment of the Creative Economy Fund demonstrate the government’s commitment to addressing national security concerns and promoting economic growth. These moves are expected to contribute significantly to Nigeria’s overall development and prosperity.
With this significant investment in defense and creative industries, Nigeria is poised to enhance its security, foster innovation, and unlock new economic opportunities for its citizens.
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