Nigeria and Brazil have signed a Memorandum of Understanding (MoU) aimed at boosting agribusiness across all 774 Local Government Areas (LGAs) in Nigeria, promoting agricultural growth and sustainability.
The Nigerian Federal Government and Brazil’s Fundação Getulio Vargas (FGV) have entered into a Memorandum of Understanding (MOU) aimed at promoting private sector growth in the areas of fertiliser production, hybrid seed technology, and agricultural finance.
In a statement released on Sunday by the Nigerian Presidency, Director of Information & Public Relations Abiodun Oladunjoye announced that the agreement was finalized through the Ministry of Agriculture and Food Security (FMAFS).
The statement also revealed that the MoU was signed by Mr. Temitope Fashedemi, Permanent Secretary of FMAFS, on behalf of the government and Professor Carlos Ivan Simonsen Leal, President of FGV. The signing took place at the FGV Headquarters in Rio de Janeiro, Brazil,duringthe G20 Leaders’ Summit sidelines.
It highlighted that the agreement signifies a new phase of strategic partnership between Nigeria and FGV, the main implementer of the Green Imperative Project (GIP), one of the largest international initiatives for agricultural technology transfer.
Oladunjoye highlighted that the GIP, initiated in 2018, represents a $1.2 billion collaborative project between Brazil and Nigeria aimed at modernizing Nigeria’s agricultural sector with Brazilian expertise in tropical agriculture.
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He stated that since the MoU was conceived in 2018, both parties have participated in numerous meaningful discussions to further its design and implementation.
Supported by Deutsche Bank, the project aims to deliver transformative agricultural technologies and facilitate knowledge transfer throughout its 10-year duration.
Over the next five years, the project aims to identify and support one agribusiness in each of Nigeria’s 774 local government areas by providing them with technical and financial resources. This initiative is designed to drive sustainable development and foster economic growth.
“This collaboration opens the door for Brazil to connect with Nigeria’s dynamic and rapidly expanding agricultural sector. Alongside FGV, we are ready to tap into private sector investment opportunities in crucial areas vital for our food security,” stated Fashedemi during the signing ceremony.
According to the memorandum of understanding, private-sector investment in fertilizer production, hybrid seed technology, and agricultural financing projects is expected to reach $4.3 billion.
Senior members of Nigeria’s presidency, along with officials from the FMAFS and leaders from the FGV, attended the signing ceremony.
