In a landmark move, the Federal Government of Nigeria has signed a Memorandum of Understanding (MOU) with Brazil’s Fundação Getulio Vargas (FGV) to transform the agricultural sector in Nigeria.
The agreement, signed on the sidelines of the G20 Leaders’ Summit in Rio de Janeiro, Brazil, marks a new phase of strategic collaboration between Nigeria and FGV.
The MOU, signed by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Temitope Fashedemi, and the President of FGV, Professor Carlos Ivan Simonsen Leal, aims to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance.
This historic agreement is expected to attract $4.3 billion in private-sector investment, boosting agribusiness in Nigeria’s 774 local government areas.
The project, conceived in 2018, 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.
Over the next five years, the project will identify and support one agribusiness in each of Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth.
The Green Imperative Project (GIP), led by FGV, is one of the largest international agricultural technology transfer initiatives.
The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.
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 signing of the MOU is a significant step towards achieving Nigeria’s goal of becoming a major player in the global agricultural market.
With the support of Brazil and FGV, Nigeria is poised to revolutionize its agricultural sector, driving economic growth and sustainable development.
The partnership between Nigeria and Brazil is a significant step towards achieving Nigeria’s goal of becoming a major player in the global agricultural market.
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