The Ministry of Agriculture and Food Security has signed an MoU with Brazil’s Fundação Getulio Vargas (FGV) to enhance fertilizer production, hybrid seed technology, and agricultural finance.
The agreement, signed by Nigeria’s Permanent Secretary Temitope Fashedemi and FGV President Carlos Leal during the G20 Leaders’ Summit in Brazil, is expected to attract $4.3 billion in private-sector investments to drive innovation and growth in Nigeria’s agricultural sector.
He said the project will identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth over the next five years.
“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,” said Mr Fashedemi.
He said the agreement marked a new phase of strategic collaboration between Nigeria and FGV, the Green Imperative Project (GIP) lead implementer, one of the largest international agricultural technology transfer initiatives.
“Conceived in 2018, GIP is a $1.2 billion cooperative effort between Brazil and Nigeria, designed to modernize Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture.