Nigeria has signed a Memorandum of Understanding (MoU) with Brazil. The MoU will attract $4.3 billion private sector investment in agriculture in all the 774 local governments of the country.
The scope of the investment, which is expected to revolutionise agriculture in the country, covers fertiliser production and hybrid seed technology.
Also, the MoU would create new opportunities in agricultural financing.
Both parties believe that the groundbreaking partnership between Nigeria and Fundação Getulio Vargas (FGV) of Brazil, would boost food productivity.
The MoU was signed during the G20 Leaders’ Summit in Rio de Janeiro, and 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.
