The federal government has signed a memorandum of understanding (MoU) with a Brazilian think tank to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance.
In a statement on Sunday, Abiodun Oladunjoye, state house spokesperson, said the MoU was signed between the ministry of agriculture and food security and Fundação Getulio Vargas (FGV), a Brazilian higher education institution.
FGV is also adjudged as Latin America’s top think tank organization and ranks seventh in the world.
Oladunjoye said the MoU was signed on behalf of the government by Temitope Fashedemi, permanent secretary of the ministry, and Carlos Leal, president of FGV, at the FGV headquarters in Rio de Janeiro, on the sidelines of the G20 leaders summit in Brazil.
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Oladunjoye said 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,” he said.
“Since the MoU was conceived in 2018, both parties have engaged in many meaningful discussions to advance its design and implementation.
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“The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.”
Oladunjoye stated that over the next five years, the project would identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth.
At the signing ceremony, Fashedemi said the partnership would pave way for investment in areas critical to food security in Nigeria.
“This partnership paves the way for Brazil to engage with Nigeria’s dynamic and rapidly growing agricultural sector,” the permanent secretary was quoted as saying.
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“Together with FGV, we are poised to unlock the potential of private sector investment in key areas critical to our food security.”
Under the MoU, Oladunjoye said the projects on fertiliser production, hybrid seed technology, and agricultural financing are projected to attract $4.3 billion in private sector investment.
On Tuesday, President Bola Tinubu said Nigeria would leverage the G20 global alliance against hunger and poverty.
The alliance, championed by Brazilian President Luiz Lula da Silva, was inaugurated during the opening session of the G20 summit.
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