The Federal Government of Nigeria and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MoU) aimed at advancing private sector development in key areas such as fertiliser production, hybrid seed technology, and agricultural finance.
The agreement was signed on Sunday by the Permanent Secretary of the 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. The deal marks a significant step forward in the strategic collaboration between Nigeria and FGV, which is also the lead implementer of the Green Imperative Project (GIP), one of the largest international agricultural technology transfer initiatives.
The GIP, conceived in 2018, is a $1.2 billion cooperative project designed to modernise Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture. According to a statement from the Nigerian Presidency, the project has seen continuous dialogue and collaboration between both parties to refine its design and implementation.
The GIP, supported by Deutsche Bank, aims to facilitate transformative agricultural technologies and knowledge transfer over its 10-year duration. In its first five years, the project will focus on identifying and supporting agribusinesses in Nigeria’s 774 local government areas, providing them with both technical and financial resources to drive 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 during the signing ceremony.
The MoU is expected to attract $4.3 billion in private-sector investment, particularly in fertiliser production, hybrid seed technology, and agricultural financing, further solidifying the collaborative efforts between the two nations. Senior Nigerian government officials, FMAFS representatives, and FGV leadership attended the signing ceremony.
