Nigeria, Brazil sign MoU to boost agribusiness in 774 LGAs

A statement issued today by the Nigerian Presidency and signed by Abiodun Oladunjoye, Director of Information and Public Relations, revealed that the agreement was facilitated by the Ministry of Agriculture and Food Security (FMAFS).

The Permanent Secretary of FMAFS, Temitope Fashedemi, signed on behalf of the Nigerian government, while Professor Carlos Ivan Simonsen Leal, President of FGV, represented Brazil during the signing held at FGV Headquarters in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders’ Summit.

The MOU signals a strengthened strategic partnership between Nigeria and FGV, the lead implementer of the Green Imperative Project (GIP), a major international agricultural technology transfer initiative.

Launched in 2018, the GIP is a $1.2 billion collaboration between Brazil and Nigeria aimed at modernising Nigeria’s agricultural sector through Brazil’s expertise in tropical farming.

Oladunjoye noted that since the project’s inception, both parties have engaged in extensive discussions to refine its design and implementation.

Supported by Deutsche Bank, the GIP aims to deliver transformative agricultural technologies and knowledge transfer over a 10-year period.

Over the next five years, the project plans to support one agribusiness in each of Nigeria’s 774 local government areas with technical and financial resources, promoting sustainable development and economic growth.

“This partnership opens opportunities for Brazil to engage with Nigeria’s vibrant agricultural sector. With FGV, we are set to unlock the potential of private sector investment in critical areas of food security,” Fashedemi stated at the signing ceremony.

The MOU is expected to attract $4.3 billion in private-sector investments into fertiliser production, hybrid seed technology, and agricultural finance.

Senior officials from Nigeria’s Presidency, the Ministry of Agriculture, and FGV leadership were present at the event.