In a significant step towards transforming Nigeria’s agricultural landscape, the federal government has inked a memorandum of understanding (MoU) with Fundação Getulio Vargas (FGV), Brazil’s premier think tank, to modernize the nation’s agricultural sector. The agreement, signed during the G20 leaders’ summit in Rio de Janeiro, seeks to bolster private sector involvement in fertiliser production, hybrid seed technology, and agricultural finance.
Temitope Fashedemi, permanent secretary of the Ministry of Agriculture and Food Security, represented Nigeria in signing the MoU, while Carlos Leal, president of FGV, stood for the Brazilian institution.
This partnership is expected to catalyze Nigeria’s journey towards sustainable development by channeling investments worth $4.3 billion into critical agricultural sectors.
“Together with FGV, we are poised to unlock the potential of private sector investment in areas critical to our food security,” Fashedemi stated, underscoring the collaborative effort to transform Nigeria’s food production systems.
Central to this collaboration is the Green Imperative Project (GIP), a $1.2 billion initiative launched in 2018 to leverage Brazil’s expertise in tropical agriculture.
Supported by Deutsche Bank, GIP aims to transfer advanced agricultural technologies and knowledge to Nigeria over the next decade.
One of the project’s innovative features involves identifying and supporting agribusinesses in each of Nigeria’s 774 local government areas.
Over the next five years, these businesses will receive technical and financial assistance, ensuring grassroots participation in the sector’s growth.
President Bola Tinubu has also expressed Nigeria’s commitment to leveraging the G20 Global Alliance Against Hunger and Poverty, an initiative spearheaded by Brazilian President Luiz Lula da Silva. This alliance aligns with the MoU’s objectives, emphasizing international cooperation to address food security challenges.
The collaboration with FGV is poised to attract billions in private investments, providing a critical boost to fertiliser production, hybrid seed development, and agricultural financing in Nigeria.
By enhancing agricultural outputs and fostering private sector partnerships, the initiative aims to position Nigeria as a leader in sustainable agriculture within Africa.
As Nigeria and Brazil deepen ties, the MoU stands as a testament to the transformative potential of international partnerships in tackling global challenges like food security and poverty.