The Federal Government of Nigeria, in collaboration with Fundação Getulio Vargas (FGV) of Brazil, has taken a significant step toward boosting private sector participation in agriculture by signing a Memorandum of Understanding (MoU).

The agreement focuses on advancing fertiliser production, hybrid seed technology, and agricultural finance, aiming to modernize Nigeria’s agricultural sector.

The MoU was formalized at the headquarters of FGV in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit.

Mr. Temitope Fashedemi, Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), represented Nigeria, while Professor Carlos Ivan Simonsen Leal, President of FGV, signed on behalf of the Brazilian institution.

This agreement builds on the existing Green Imperative Project (GIP), a $1.2 billion initiative that serves as one of the largest international agricultural technology transfer projects between the two nations.

Established in 2018, the Green Imperative Project seeks to leverage Brazil’s expertise in tropical agriculture to modernize and transform Nigeria’s farming landscape.

The project is a cooperative effort aimed at enhancing agricultural productivity, improving food security, and promoting sustainable farming practices across Nigeria.

Supported by Deutsche Bank, the initiative is designed to deliver advanced agricultural technologies and facilitate knowledge transfer over the course of a decade.

Speaking at the signing ceremony, Mr. Fashedemi highlighted the strategic importance of the partnership, stating, “This collaboration offers Brazil an opportunity to engage with Nigeria’s vibrant agricultural sector.

Together with FGV, we aim to unlock private sector investments in critical areas essential to achieving food security and economic development.”

The MoU is projected to attract $4.3 billion in private sector investments across fertiliser production, hybrid seed technology, and agricultural financing.

These investments are expected to not only boost Nigeria’s agricultural output but also create jobs, reduce dependence on imported food, and enhance the livelihoods of farmers nationwide.

One of the key features of the Green Imperative Project is its plan to identify and support one agribusiness in each of Nigeria’s 774 local government areas over the next five years.

These agribusinesses will receive technical and financial resources to drive sustainable agricultural practices and economic growth in their respective regions.

By empowering local farmers and entrepreneurs, the project aims to create a ripple effect that will benefit the broader agricultural ecosystem.

Professor Carlos Ivan Simonsen Leal expressed optimism about the partnership, emphasizing FGV’s commitment to fostering innovation and sustainability in agriculture.

He noted that Brazil’s extensive experience in tropical agriculture would serve as a valuable resource for Nigeria as it seeks to modernize its farming practices.

The signing ceremony was attended by senior officials from Nigeria’s presidency, the Ministry of Agriculture and Food Security, and leadership from FGV.