News
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.
The Federal Government has announced an extension of the NYSC programme. It can be noted that the NYSC camp orientation is usually for three weeks before the youths go out to gain experience, employment, and serve the country for one year.
However, the FG announced that the passing-out parade from camp will be cancelled, and corps members will now spend six weeks in camp instead of three weeks.
“The first two weeks speak to laying a foundation on civic responsibility. The next two weeks will look at career mapping, basic accounting literacy skills, business planning and access to finance. The final two weeks, we intend to have focused corps-stream-specific training aligned with the corps member’s designated stream based on his choice, academic background and skills profile.”
With the rainy season in Nigeria, many are wondering if the increase in flooding has now become the new normal. Lots of videos, clips, and complaints have literally flooded online, showing how badly roads, homes, and other places have been affected.
We were used to hearing about the rise of water on the Island since it is literally surrounded by water, but now floods are being spotted on the Mainland as well.
We may not know exactly why this is happening, but one thing is certain—we urgently need a lasting solution.
The federal government reacted to claims stating that the new tax rules will be imposed on telecommunications and petroleum products for Nigerians.
The FG released a statement to explain the process and stated that there is no intention to place taxes on telecom and petroleum products and services.
“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.”
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