The Federal Government of Nigeria and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) to boost private sector involvement in fertiliser production, hybrid seed technology, and agricultural finance.
A statement from the Nigerian Presidency, issued by the Director of Information & Public Relations, Abiodun Oladunjoye, on Sunday, revealed that the MoU was formalized through the Ministry of Agriculture and Food Security (FMAFS).
The MoU was signed by Mr. Temitope Fashedemi, the Permanent Secretary of FMAFS, and Professor Carlos Ivan Simonsen Leal, President of FGV, at the FGV Headquarters in Rio de Janeiro, Brazil, during the G20 Leaders’ Summit.
This agreement marks a new phase of strategic collaboration between Nigeria and FGV, which leads the Green Imperative Project (GIP), one of the largest international agricultural technology transfer initiatives.
The GIP, conceived in 2018, is a $1.2-billion effort between Brazil and Nigeria to modernize Nigeria’s agricultural sector by leveraging Brazilian expertise in tropical agriculture. Oladunjoye highlighted that since its inception, both parties have had extensive discussions to refine and implement the project.
Supported by Deutsche Bank, the project aims to transfer transformative agricultural technologies and knowledge over a 10-year period. Within the next five years, it will identify and support one agribusiness in each of Nigeria’s 774 local government areas, providing them with technical and financial resources to drive sustainable development and economic growth.
“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 Fashedemi at the signing ceremony.
The MoU envisions private-sector projects in fertiliser production, hybrid seed technology, and agricultural financing, which are expected to attract $4.3 billion in investment.
The signing ceremony was attended by senior members of Nigeria’s presidency, officials from FMAFS, and leaders from FGV.