Nigeria and Brazil have signed a Memorandum of Understanding (MOU) that would attract $4.3 billion private sector investment in agriculture in 774 local governments.
The scope of the investment, which is expected to revolutionalise agriculture in the country, covers fertiliser production and hybrid seed technology.
Also, the MoU would create new opportunities in agricultural financing.
The groundbreaking partnership between Nigeria and Fundação Getulio Vargas (FGV) of Brazil, both countries believe, would boost food productivity.
The MoU, signed during the G20 Leaders’ Summit in Rio de Janeiro, focuses on driving innovation and investment in fertiliser production, hybrid seed technology, and agricultural finance across the councils.
The agreement was formalised by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, on behalf of Nigeria, and the President of FGV, Prof Carlos Ivan Simonsen Leal, at FGV’s headquarters in Rio de Janeiro.
According to a statement by the State House Director of Information and Public Relations, Abiodun Oladunjoye, the agreement marked a renewed commitment to the Green Imperative Project (GIP), a $1.2 billion initiative launched in 2018 to modernise the sector, using Brazilian expertise in tropical agriculture.
“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector,” said Fashedemi during the signing ceremony.
“Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security,” he added.
The Green Imperative Project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and facilitate knowledge transfer to Nigeria over its 10-year timeline.
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The statement said the project will focus on identifying and supporting one agribusiness in each local government area with both technical and financial resources, to promote sustainable development and economic growth in the next five years.
Prof. Leal described the agreement as a significant step in fostering global collaboration for sustainable agricultural development.
Senior members of Nigeria’s Presidency, officials from the Ministry of Agriculture and Food Security, and FGV leadership were at the ceremony, reflecting the high-level commitment to the initiative.
By blending Nigeria’s agricultural potential with Brazil’s expertise, the partnership aims to revolutionise Nigeria’s agribusiness landscape, strengthen food security, and position the country as a leader in sustainable agriculture on the global stage.
The Nation
