Nigeria, Brazil sign MoU to boost Agribusiness in 774 LGAs
The Federal Government of Nigeria and Brazil’s Fundação Getulio Vargas (FGV) have signed a landmark Memorandum of Understanding (MoU) aimed at revolutionising agribusiness in Nigeria’s 774 Local Government Areas (LGAs).
Signed through Nigeria’s Ministry of Agriculture and Food Security (FMAFS), the agreement seeks to enhance fertiliser production, hybrid seed technology, and agricultural finance, fostering sustainable development and economic growth.
The MoU was signed at FGV Headquarters in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit by FMAFS Permanent Secretary, Mr Temitope Fashedemi, and FGV President, Professor Carlos Ivan Simonsen Leal.
According to a statement from the Nigerian Presidency, signed by Director of Information and Public Relations, Abiodun Oladunjoye, the agreement represents a strategic collaboration under the Green Imperative Project (GIP). This $1.2 billion initiative, launched in 2018, is one of the largest international agricultural technology transfer programmes aimed at modernising Nigeria’s agricultural sector using Brazil’s expertise in tropical agriculture.
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Over the next decade, the project, supported by Deutsche Bank, will provide cutting-edge agricultural technologies and facilitate knowledge transfer.
The initiative’s immediate focus over the next five years will be identifying and supporting agribusinesses in all 774 LGAs with technical and financial resources, ensuring the growth of Nigeria’s dynamic agricultural sector.
“This partnership paves the way for Brazil to engage with Nigeria’s vibrant agricultural industry. Together with FGV, we aim to unlock the potential of private sector investments in critical areas essential to food security,” Fashedemi stated during the ceremony.
Under the agreement, private-sector investments in fertiliser production, hybrid seed technology, and agricultural finance are expected to generate $4.3 billion in funding.
The partnership underscores Nigeria’s commitment to leveraging international collaboration to address food security challenges and promote sustainable agribusiness practices.
Senior officials from Nigeria’s Presidency, FMAFS, and FGV leadership witnessed the signing ceremony, heralding a new chapter in the agricultural transformation of Nigeria.
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