The Federal Government of Nigeria has officially signed a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV) to drive the development of agribusiness across the country.
The agreement, which was announced in a press release on November 24, 2024, focuses on encouraging private sector involvement in key areas such as fertiliser production, hybrid seed technology, and agricultural finance.
The MoU was signed at the headquarters of FGV in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit.
The agreement was signed by Mr. Temitope Fashedemi, the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), while Professor Carlos Ivan Simonsen Leal, President of FGV, represented the Brazilian side.
This partnership marks a significant step forward in the ongoing collaboration between Nigeria and FGV, which is the lead implementer of the Green Imperative Project (GIP).
The project, first conceived in 2018, is a $1.2 billion initiative aimed at modernising Nigeria’s agricultural sector through the expertise of Brazilian agricultural practices, particularly in tropical agriculture.
With support from Deutsche Bank, the GIP seeks to transfer cutting-edge agricultural technologies and knowledge over a 10-year period, providing a solid foundation for long-term growth and food security.
Under the terms of the MoU, the GIP will focus on identifying and supporting one agribusiness in each of Nigeria’s 774 local government areas over the next five years.
This support will come in the form of both technical expertise and financial resources, designed to foster sustainable development and contribute to economic growth across the country.
At the signing ceremony, Mr. Fashedemi highlighted the potential of the partnership to transform Nigeria’s agricultural landscape, saying, “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 areas critical to our food security.”
The MoU also outlines the projected inflow of $4.3 billion in private-sector investments.
These funds will be directed toward the development of key agricultural sectors such as fertiliser production, hybrid seed technology, and agricultural financing, with the goal of increasing productivity, improving food security, and creating jobs.
Senior members of Nigeria’s presidency, as well as officials from FMAFS and FGV’s leadership, were present at the signing ceremony.
