The Federal Government of Nigeria, through the Ministry of Agriculture and Food Security (FMAFS), has signed a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV) to promote private sector investments in fertiliser production, hybrid seed technology, and agricultural financing.
The agreement, signed by FMAFS Permanent Secretary Temitope Fashedemi and FGV President Carlos Ivan Simonsen Leal during the G20 Leaders’ Summit in Rio de Janeiro, Brazil, aims to attract $4.3 billion in private-sector investment into Nigeria’s agricultural sector.
According to a statement by the State House Director of Information and Publicity, Mr. Abiodun Oladunjoye, this strategic collaboration represents a significant phase of the Green Imperative Project (GIP), a $1.2 billion initiative launched in 2018 between Brazil and Nigeria to modernize Nigeria’s agricultural industry through the adoption of Brazilian tropical agriculture expertise.
The MoU outlines a plan to identify and support one agribusiness in each of Nigeria’s 774 local government areas over the next five years, providing them with technical and financial resources to stimulate sustainable agricultural development and economic growth.
“This partnership with FGV underscores the Federal Government’s commitment to leveraging Brazil’s expertise to unlock Nigeria’s agricultural potential and enhance food security,” Fashedemi said at the ceremony.
The GIP, backed by Deutsche Bank, will also facilitate the transfer of transformative agricultural technologies and knowledge over a 10-year period.
Key officials from Nigeria’s presidency, FMAFS, and FGV leadership were present during the signing, marking a pivotal step toward strengthening Nigeria’s agribusiness capabilities and driving food security initiatives.
