Nigeria, Brazil Sign Multi-billion Dollar Deal To Boost Agriculture In 774 LGAs
Nigeria and Brazil have signed a multi-billion dollar project targeted at supporting agricultural businesses in Nigeria’s 774 local government areas with technical and financial resources.
The Memorandum of Understanding (MoU) was signed through the Ministry of Agriculture and Food Security (FMAFS) on behalf of Nigeria, while Fundação Getulio Vargas (FGV) signed for Brazil.
According to a statement on Sunday signed by State House Director of Information and Public Relations, Abiodun Oladunjoye, the MoU was signed on the sidelines of the G20 Leaders’ Summit.
Naija News reports the MoU was signed on behalf of the government by the Permanent Secretary of FMAFS, Temitope Fashedemi, and the President of FGV, Professor Carlos Ivan Simonsen Leal, at FGV Headquarters in Rio de Janeiro, Brazil.
The project, supported by Deutsche Bank, will focus on fertiliser production, hybrid seed technology and agricultural financing.
The statement added that “The agreement marks a new phase of strategic collaboration between Nigeria and FGV, the Green Imperative Project (GIP) lead implementer, one of the largest international agricultural technology transfer initiatives.
“Conceived in 2018, GIP is a 1.2 billion dollar cooperative effort between Brazil and Nigeria, designed to modernise Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture.
“Since the MoU was conceived in 2018, both parties have engaged in many meaningful discussions to advance its design and implementation.
“The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.
“Over the next five years, the project will identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth.
“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,” Fashedemi said at the signing ceremony.
“Under the MOU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing are projected to attract $4.3 billion in private-sector investment.”
Senior members of Nigeria’s presidency, officials of FMAFS and FGV’s leadership attended the signing ceremony.
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