Food Security: Nigeria, Brazil ink MoU to boost agribusiness projects across 774 LGAs

*The Federal Government discloses Temitope Fashedemi, Permanent Secretary of the Federal Ministry of Agriculture and Food Security, signed a Memorandum of Understanding while Prof. Carlos Ivan Simonsen Leal, President of Fundação Getulio Vargas, inked the agreement at the FGV Headquarters, on the sidelines of the recent G20 Leaders’ Summit, in Rio de Janeiro, Brazil

Isola Moses | ConsumerConnect

The Federal Government of Nigeria, through the Ministry of Agriculture and Food Security (FMAFS) and Fundação Getulio Vargas (FGV) of Brazil, have signed a Memorandum of Understanding (MoU) to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance.

The government said Mr. Temitope Fashedemi, Permanent Secretary of FMAFS, signed the MoU on behalf of the Nigerian Government while Professor Carlos Ivan Simonsen Leal, President of FGV, inked the agreement at the FGV Headquarters, in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders’ Summit.

Photo collage of some agribusiness activities in Nigeria

The agreement marks 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 Dollar cooperative effort between Brazil and Nigeria, designed to modernise Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture.

Project objectives, by FMAFS Director

Abiodun Oladunjoye, Director of Information and Public Relations, who noted this in a statement Sunday, November 24, 2024, explained since the MoU was conceived in 2018, both Nigeria and Brazil have engaged in several meaningful discussions to advance its design and implementation.

The statement also noted

that the project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.

The Federal Government also emphasised that over the next five years, the project would identify and support an agribusiness in each of Nigeria’s 774 Local Government Areas with technical and financial resources, driving sustainable development and economic growth.

Speaking at the MoU signing ceremony in Brazil, Fashedemi, Permanent Secretary of FMAFS, stated: “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.”

According to the Ministry, 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 statement added

that senior members of Nigeria’s presidency, officials of FMAFS and FGV’s leadership attended the signing ceremony, in Brazil.