FG, Brazilian coy sign MoU to boost agribusiness in Nigeria

The Ministry of Agriculture and Food Security and Fundacao Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) to boost fertiliser production, hybrid seed technology, and agricultural finance in Nigeria.

The MoU was signed on behalf of the Federal Government by the Permanent Secretary at the ministry, Mr Temitope Fashedemi, and the President of FGV, Prof. Carlos Leal, on the sidelines of the G20 Leaders’ Summit in Brazil.

Fashedemi stated that with the MOU, private-sector projects on fertiliser production, hybrid seed technology, and agricultural financing were projected to attract 4.3 billion dollars in private-sector investment.

According to him, 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.

He said: “This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector.

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“Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security.”

Fashedemi noted that 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.

Fashedemi added: “Conceived in 2018, GIP 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.

“Since the MoU was conceived in 2018, both parties have engaged in many meaningful discussions to advance its design and implementation.

“The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.”

The Star