The Federal Government of Nigeria and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) to enhance private-sector initiatives in fertiliser production, hybrid seed technology, and agricultural financing.
The agreement, signed by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, and FGV President Professor Carlos Ivan Simonsen Leal, took place at FGV Headquarters in Rio de Janeiro on the sidelines of the G20 Leaders’ Summit. This development, according to a statement from the Nigerian Presidency, signals a strengthened partnership between Nigeria and FGV, the lead implementer of the Green Imperative Project (GIP).
About the Green Imperative Project
Launched in 2018 as a $1.2 billion collaboration between Brazil and Nigeria, the GIP aims to modernize Nigeria’s agricultural sector by leveraging Brazil’s tropical agriculture expertise. Supported by Deutsche Bank, the project plans to deliver transformative agricultural technologies and knowledge transfer over a 10-year period.
Key highlights include the identification and support of agribusiness ventures across Nigeria’s 774 local government areas, with technical and financial resources earmarked to spur sustainable development and economic growth.
$4.3 Billion Private-Sector Investment Target
The MoU outlines a roadmap for private-sector projects in fertiliser production, hybrid seed technology, and agricultural financing, expected to attract $4.3 billion in investments. These efforts align with Nigeria’s broader goals for food security and economic diversification.
Mr. Fashedemi emphasized the significance of the partnership, stating, “This collaboration 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.”
Over the next five years, the GIP will prioritize equipping agribusinesses with innovative technologies and financial backing. This strategic move is anticipated to advance Nigeria’s agricultural landscape while bolstering bilateral ties between the two nations.
Senior members of the Nigerian Presidency, officials from FMAFS, and FGV leadership attended the signing ceremony, highlighting the importance of this transformative initiative.
