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Nigeria and Brazil Partner to Modernize Agriculture with $4.3 Billion in Investment
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.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
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