Nigeria Signs MoU with Brazil to Boost Agri Business in 774 LGAs
In a landmark move to boost Nigeria’s agri-business landscape, the Federal Government of Nigeria, through the Ministry of Agriculture and Food Security (FMAFS), has signed a Memorandum of Understanding (MoU) with Fundação Getulio Vargas (FGV), Brazil. The MoU seeks to strengthen private sector participation in key areas of agricultural development, including fertilizer production, hybrid seed technology, and agricultural financing.
The signing ceremony, held at FGV’s Headquarters in Rio de Janeiro during the G20 Leaders’ Summit, was formalized by Mr. Temitope Fashedemi, Permanent Secretary of FMAFS, and Professor Carlos Ivan Simonsen Leal, President of FGV. This partnership represents a significant phase in the ongoing collaboration under the Green Imperative Project (GIP)—a $1.2 billion initiative launched in 2018 to modernize Nigeria’s agricultural sector through Brazilian tropical agriculture expertise.
The initiative is set to transform Nigeria’s agriculture across all 774 local government areas by 2029. Supported by Deutsche Bank, the program focuses on providing agribusinesses with technical and financial assistance, fostering sustainable growth and economic resilience. Projections indicate the MoU could attract $4.3 billion in private sector investments over the next five years, significantly enhancing fertilizer production, seed technology, and agricultural finance systems.
Speaking at the event, Mr. Fashedemi emphasized the strategic importance of this partnership, noting its potential to unlock substantial private sector investment while advancing Nigeria’s food security agenda.
Source- ThisDay Live
Expert Review for Agri-Food Stakeholders
The Nigeria-Brazil partnership through the GIP holds transformative potential for Nigeria’s agricultural sector. Stakeholders should note the following implications:
Private Sector Engagement: By emphasizing fertilizer production, hybrid seeds, and agricultural finance, this MoU aligns with global trends toward private sector-driven agricultural growth. This is a call for Nigerian agribusinesses to position themselves strategically for collaboration and investment.
Local Government Focus: The initiative’s target to empower agribusinesses in all 774 local governments provides a significant opportunity to decentralize agricultural development, fostering rural economic growth. Stakeholders in these regions should prepare to leverage the program’s technical and financial resources.
Knowledge Transfer and Capacity Building: With Brazilian expertise in tropical agriculture and support from Deutsche Bank, stakeholders can anticipate access to advanced agricultural technologies and methodologies, positioning Nigeria to modernize its farming practices.
Investment Opportunities: The projected $4.3 billion private-sector investment underscores the attractiveness of Nigeria’s agricultural sector. Local businesses should collaborate with government and international players to capture these opportunities.
Sustainability and Food Security: By focusing on sustainable practices and modern techniques, the initiative could significantly enhance Nigeria’s food security while reducing reliance on imports.
In summary, this partnership is not just a government initiative but a clarion call for stakeholders across Nigeria’s agri-food value chain to engage actively, innovate, and capitalize on the available resources to build a thriving, self-sufficient agricultural ecosystem.
