In a major stride towards advancing agribusiness in Nigeria, the Federal Government has signed a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV) to foster private-sector investment in fertiliser production, hybrid seed technology, and agricultural finance.
The MoU was signed by Nigeria’s Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Temitope Fashedemi, and FGV President Professor Carlos Ivan Simonsen Leal during the G20 Leaders’ Summit.
This collaboration builds on the Green Imperative Project (GIP), a $1.2 billion agricultural modernization initiative launched in 2018 to leverage Brazil’s expertise in tropical agriculture for Nigeria’s benefit.
Over the next five years, the project will identify and support agribusinesses across Nigeria’s 774 local government areas, providing technical and financial resources for sustainable development.
“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector,” said Fashedemi. “Together with FGV, we are poised to unlock the potential of private-sector investment in critical areas for food security.”
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The project, supported by Deutsche Bank, aims to attract $4.3 billion in private-sector investment and drive transformative agricultural technologies and knowledge transfer.
Senior officials from Nigeria’s presidency, FMAFS, and FGV leadership attended the signing ceremony, reinforcing the significance of this collaboration in strengthening Nigeria’s agricultural landscape.
