By Adenike Lawal
Nigeria and Brazil have signed a landmark Memorandum of Understanding (MoU) aimed at advancing agribusiness through private sector investments in fertilizer production, hybrid seed technology, and agricultural financing.
The agreement, facilitated by the Ministry of Agriculture and Food Security (FMAFS), marks a significant step toward modernizing Nigeria’s agricultural sector.
The MoU was signed in Rio de Janeiro during the G20 Leaders’ Summit by Mr.
Temitope Fashedemi, Permanent Secretary of FMAFS, and Professor Carlos Ivan Simonsen Leal, President of Fundação Getulio Vargas (FGV).
According to a statement released by Abiodun Oladunjoye, Director of Information and Public Relations at the Presidency, the partnership underscores Brazil’s commitment to Nigeria’s food security and agricultural transformation.
FGV, the lead implementer of the Green Imperative Project (GIP), plays a pivotal role in this collaboration.
The GIP, launched in 2018, is a $1.2 billion bilateral initiative designed to modernize Nigeria’s agriculture using Brazil’s expertise in tropical farming. Supported by Deutsche Bank, the decade-long project aims to transfer advanced agricultural technology and knowledge.
Within its first five years, the initiative seeks to identify and support agribusiness ventures in each of Nigeria’s 774 local government areas, providing them with technical and financial resources to drive sustainable development.
“This partnership creates avenues for Brazil to engage with Nigeria’s dynamic agricultural sector. Together with FGV, we will unlock private sector investment potential in critical areas essential for food security,” Fashedemi remarked at the signing ceremony.
The MoU also anticipates attracting $4.3 billion in private sector investments, which will focus on fertilizer production, hybrid seeds, and agricultural financing.
Senior officials from the Nigerian presidency, FMAFS, and FGV attended the signing ceremony, cementing a new era of cooperation between the two nations.
This agreement reinforces Nigeria’s commitment to leveraging international partnerships to enhance its agricultural productivity, stimulate economic growth, and ensure food security.