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BUSINESS

Nigeria, Brazil sign MOU to boost agribusiness in 774 LGAs

November 24, 2024 • 2 min read

November 24, 2024

By Samuel Ogunsona

The Federal Government of Nigeria has signed a Memorandum of Understanding (MOU) with Fundação Getulio Vargas (FGV) of Brazil.

The agreement aims to promote private sector development in fertilizer production, hybrid seed technology, and agricultural finance.

The MOU was signed by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, and the President of FGV, Professor Carlos Ivan Simonsen Leal.

The signing ceremony took place at FGV Headquarters in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders’ Summit.

The agreement marks a new phase of strategic collaboration between Nigeria and FGV, the Green Imperative Project (GIP) lead implementer. GIP is a 1.2 billion dollar cooperative effort between Brazil and Nigeria, designed to modernize Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture.

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.

According to Fashedemi, “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 MOU is expected to attract $4.3 billion in private-sector investment in fertilizer production, hybrid seed technology, and agricultural financing.

Senior members of Nigeria’s presidency, officials of FMAFS, and FGV’s leadership attended the signing ceremony.