FG, Brazilian firm sign MoU to boost agribusiness

The Ministry of Agriculture and Food Security and Fundação Getulio Vargas of Brazil have signed a memorandum of understanding to boost fertiliser production, hybrid seed technology and agricultural finance.

The MoU was signed on behalf of the Nigerian government by Temitope Fashedemi, permanent secretary at the ministry, and Carlos Leal, the president of FGV, on the sidelines of the G20 Leaders’ Summit in Brazil.

Mr Fashedemi explained that with the MOU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing were projected to attract $4.3 billion in private-sector investment.

He said the project will identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth over the next five years.

“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 key areas critical to our food security,” said Mr Fashedemi.

He said the agreement marked a new phase of strategic collaboration between Nigeria and FGV, the Green Imperative Project (GIP) lead implementer, one of the largest international agricultural technology transfer initiatives.

“Conceived in 2018, GIP is a $1.2 billion cooperative effort between Brazil and Nigeria, designed to modernise Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture.

“Since the MoU was conceived in 2018, both parties have engaged in many meaningful discussions to advance its design and implementation.

“The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration,” Mr Fashedemi stated.