THE Bank of Agriculture (BOA) has lauded the recently signed Memorandum of Understanding (MoU) between President Bola Tinubu and Brazil’s President Luiz Inácio Lula da Silva, describing it as a transformative step for Nigeria’s agricultural sector.
In a statement issued today, BOA’s Head of Corporate Communication, Maikenti Akila, the bank said the agreement would open up vast opportunities for agricultural growth and collaboration between the two countries.
The MoU was signed by BOA’s Managing Director/CEO, Ayo Sotinrin, and the President of Brazil’s National Bank for Economic and Social Development, Aloizio Oliva, with both Tinubu and Lula serving as witnesses.
According to the statement, the partnership covers several areas, including:
Co-development of urea projects for export to Brazil.
Joint investment in seed technologies in collaboration with Brazil’s top agricultural research institute.
Establishment of a credit facility to finance agricultural equipment for farmers in Nigeria.
The facility is expected to support both small- and large-scale farmers, enhance food security, and significantly increase productivity.
BOA commended both presidents for their commitment to strengthening agricultural ties, stressing that the pact represents a major stride toward sustainable development.
Analysts also suggest that the agreement could reposition Nigeria as a key player in global agricultural exports, thanks to the scale of investment, technology transfer, and production capacity it promises.