The Federal Government, through the Ministry of Agriculture and Food Security (FMAFS), has signed a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV) to enhance private-sector development in fertiliser production, hybrid seed technology, and agricultural finance.
The agreement, signed at FGV’s headquarters in Rio de Janeiro during the G20 Leaders’ Summit, aims to transform Nigeria’s agricultural sector and boost agribusiness in all 774 local government areas by 2029.
Permanent Secretary of FMAFS, Mr. Temitope Fashedemi, and FGV President, Professor Carlos Ivan Simonsen Leal, formalized the partnership, which builds on the Green Imperative Project (GIP). Initiated in 2018, the $1.2 billion project seeks to modernize Nigeria’s agricultural sector through Brazilian expertise and advanced agricultural technologies.
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“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 stated during the signing ceremony.
The MoU is expected to drive $4.3 billion in private-sector investment and provide transformative agricultural technologies and knowledge transfer. Over the next five years, the initiative will support one agribusiness in each local government area with technical and financial resources, fostering sustainable development and economic growth.
The project’s implementation is backed by Deutsche Bank and aims to enhance food security while creating opportunities in Nigeria’s agricultural landscape. Senior officials from Nigeria’s presidency, FMAFS, and FGV attended the ceremony.
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