The federal government has entered a groundbreaking partnership with Fundação Getulio Vargas (FGV) of Brazil to transform the country’s agricultural sector.
The Memorandum of Understanding (MoU), signed during the G20 Leaders’ Summit in Rio de Janeiro, focuses on driving innovation and investment in fertiliser production, hybrid seed technology, and agricultural finance across all 774 local government areas in Nigeria.
The agreement was formalized by the Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, on behalf of Nigeria, and the President of FGV, Professor Carlos Ivan Simonsen Leal, at FGV’s headquarters in Rio de Janeiro.
According to a statement issued on Sunday by the State House Director of Information and Public Relations, Abiodun Oladunjoye, the agreement marked a renewed commitment to the Green Imperative Project (GIP), a $1.2 billion initiative launched in 2018 to modernize Nigeria’s agricultural sector, using Brazilian expertise in tropical agriculture.
The MoU is expected to attract $4.3 billion in private-sector investment into critical areas such as fertiliser production and hybrid seed technology, alongside creating new opportunities in agricultural financing.
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