KEY POINTS
- Nigeria, Brazil partner to enhance agriculture with $4.3 billion investment in fertilizer, seeds, and agribusiness support.
- Green Imperative Project aims to modernize Nigeria’s agriculture through Brazilian tropical agriculture expertise and tech transfer.
- Initiative targets agribusiness growth across Nigeria’s 774 local government areas over a five-year period.
Nigeria’s government, in collaboration with Brazil’s Fundação Getulio Vargas (FGV), has formalized an agreement to advance the development of key agricultural sectors, including fertilizer production, hybrid seed technology, and agricultural finance.
The memorandum of understanding (MoU) was signed by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Temitope Fashedemi, and FGV President, Professor Carlos Ivan Simonsen Leal, during the G20 Leaders’ Summit in Rio de Janeiro, Brazil.
Green imperative project reaches new milestone
The deal, according to Vanguard, represents a significant step in deepening the strategic partnership between Nigeria and FGV, which leads the Green Imperative Project (GIP)—one of the largest international agricultural technology transfer initiatives.
First conceived in 2018, the GIP is a $1.2 billion joint effort aimed at modernizing Nigeria’s agriculture sector through Brazil’s expertise in tropical agriculture.
“This collaboration marks the next phase of a productive partnership between our two countries,” stated Abiodun Oladunjoye, Director of Information and Public Relations at Nigeria’s State House. “The project, supported by Deutsche Bank, will deliver transformative agricultural technologies and knowledge transfer over a 10-year period.”
Transforming Nigeria’s agricultural sector with $4.3 billion investment
GIP will focus on identifying and supporting one agribusiness in each of Nigeria’s 774 local government areas over the next five years, providing technical and financial resources to foster sustainable growth.
This partnership aims to stimulate the agricultural sector’s development and contribute to broader economic growth.
“The collaboration provides a platform for private sector investment in Nigeria’s agricultural potential, which is critical for food security,” Fashedemi noted at the signing ceremony. Under the MoU, initiatives in fertilizer production, seed technology, and agricultural finance are expected to attract up to $4.3 billion in private-sector funding.
The MoU signing ceremony, which was attended by senior Nigerian officials and FGV leadership, underscores the importance of this strategic partnership in reshaping the future of Nigeria’s agribusiness sector.
