A Memorandum of Understanding has been signed between the Federal Government and Fundação Getulio Vargas of Brazil, facilitated by the Ministry of Agriculture and Food Security. This MoU aims to enhance private sector involvement in fertiliser production, hybrid seed technology, and agricultural finance initiatives.
The signing took place at FGV Headquarters in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit. The agreement projects attracting $4.3bn in private-sector investments for projects related to fertiliser production, hybrid seed technology, and agricultural financing.
This collaboration signifies a strategic partnership between Nigeria and FGV, the lead implementer of the Green Imperative Project. This project, initiated in 2018 with a budget of $1.2bn, focuses on modernizing Nigeria’s agricultural sector by leveraging Brazilian expertise in tropical agriculture.
Over the next five years, the Green Imperative Project plans to support one agribusiness in each of Nigeria’s 774 local government areas by providing technical and financial assistance. This initiative is aimed at promoting sustainable development and economic growth in the agricultural sector.
The partnership between Nigeria and Brazil is expected to unlock opportunities for private sector investment in critical areas essential for ensuring food security. The signing ceremony was attended by senior officials from Nigeria’s presidency, representatives from FMAFS, and leaders from FGV.