Lucky Obukohwo, Reporting
The Nigeria government and Brazil have signed a Memorandum of Understanding (MoU) to enhance agribusiness across all 774 local government areas in Nigeria.
The project, supported by Deutsche Bank, targets to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.
In a statement issued by the Director of Information and Public Relations in the State House, Abiodun Oladunjoye, the agreement, finalised at the Fundação Getulio Vargas (FGV) headquarters in Rio de Janeiro during the G20 Leaders’ Summit, was signed by Nigeria’s Permanent Secretary of the Ministry of Agriculture and Food Security, Temitope Fashedemi, and FGV President, Carlos Leal.
“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector,” Fashedemi stated. He added, “Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security.”
The MoU focuses on advancing private sector development in crucial areas such as fertiliser production, hybrid seed technology, and agricultural financing.
It is part of the larger Green Imperative Project (GIP), a $1.2 billion initiative conceived in 2018 to modernise Nigeria’s agricultural landscape through Brazilian expertise in tropical agriculture.
Since its inception, the GIP has facilitated extensive discussions between both nations to refine its design and implementation. “This agreement signifies a new phase of strategic collaboration between Nigeria and FGV,” the statement said.
Over the next five years, the project aims to identify and support one agribusiness in each local government area with essential technical and financial resources, fostering sustainable development and economic growth.
“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector. Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security,” Fashedemi said at the signing ceremony.
The initiative is projected to attract approximately $4.3 billion in private-sector investment.
“The collaboration under this MoU is expected to deliver transformative agricultural technologies and knowledge transfer over its ten-year duration,” added Fashedemi. Senior officials from Nigeria’s presidency and representatives from FGV were present at this landmark signing ceremony, marking a pivotal step towards enhancing food security and agricultural productivity in Nigeria.