The Nigerian government has made another remarkable stride towards improving the country’s agricultural prowess by going into partnership with top Brazilian institution, Fundação Getulio Vargas (FGV).
As a mark of the next step in this regard, both parties have signed a Memorandum of Understanding (MoU) to support private sector inclusion in fertiliser production, hybrid seed technology, and agricultural finance.
A statement issued by the State House, through the Director of Information and Public Relations, Abiodun Oladunjoye, disclosed that the agreement was signed on behalf of the Nigerian government by the Permanent Secretary of the Federal Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, and the President of FGV, Professor Carlos Ivan Simonsen Leal, at FGV Headquarters in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders’ Summit.
He further disclosed that the Memorandum of Understanding (MOU), conceived in 2018, aims to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance.
Under the MoU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing are projected to attract $4.3 billion in private-sector investment.
The MoU, a GIP is a 1.2 billion-dollar 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.
Over the next five years, 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.
“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,” Fashedemi said at the signing ceremony.