Nigeria, Brazil Sign MoU to Boost Agribusiness Across 774 LGAs
The Federal Government of Nigeria has partnered with Fundação Getulio Vargas (FGV) of Brazil to enhance private sector growth in fertiliser production, hybrid seed technology, and agricultural finance. This agreement, signed on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, marks a significant step in advancing agricultural development across Nigeria’s 774 local government areas (LGAs).
Details of the MoU
According to a statement from the Nigerian Presidency, the Memorandum of Understanding (MoU) was signed by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, and FGV President Professor Carlos Ivan Simonsen Leal.
The MoU is part of the Green Imperative Project (GIP), a $1.2 billion collaborative initiative launched in 2018 between Nigeria and Brazil to modernize Nigeria’s agricultural sector using Brazil’s tropical agriculture expertise. The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and foster knowledge transfer over a 10-year period.
Strategic Focus Areas
Over the next five years, the Green Imperative Project will:
- Empower Agribusinesses: Support one agribusiness in each of Nigeria’s 774 LGAs with technical and financial resources.
- Foster Investments: Attract an estimated $4.3 billion in private-sector investments.
- Advance Key Sectors: Focus on fertiliser production, hybrid seed technology, and agricultural finance to ensure food security and sustainable growth.
Unlocking Agricultural Potential
Speaking at the signing ceremony, Mr. Fashedemi said, “This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector. Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security.”
The initiative aligns with Nigeria’s goal of boosting productivity and innovation in its agricultural sector, promoting sustainable development, and reducing dependence on food imports.
Next Steps
The agreement signifies the commitment of both countries to fostering economic growth through agriculture. Senior members of Nigeria’s presidency, officials from FMAFS, and FGV leadership were present at the signing, reflecting the high-level support for the initiative.
By leveraging Brazilian expertise and international financing, this partnership aims to transform Nigeria’s agriculture landscape, empower local agribusinesses, and enhance food security for millions of Nigerians.
