Nigeria, Brazil Sign MoU to Boost Agribusiness Across All 774 Local Governments
- The federal government of Nigeria has reached a Memorandum of Understanding (MOU) with Brazil
- The MoU is projected to attract $4.3 billion in private-sector investments in fertiliser production
- The partnership is also expected to accelerate agribusiness in each of Nigeria’s 774 local government
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian government has signed a Memorandum of Understanding (MoU) with Brazil to enhance private sector investment in fertiliser production, hybrid seed technology, and agricultural finance.
The federal government said the move would help transform Nigeria’s agriculture sector.
Source: Getty Images
The agreement, signed at the Fundação Getulio Vargas (FGV) headquarters in Rio de Janeiro on the sidelines of the G20 Leaders’ Summit, was formalised by Temitope Fashedemi, the Permanent Secretary of the Federal Ministry of Agriculture and Food Security (FMAFS), and Carlos Ivan Simonsen Leal, the President of FGV.
Details of Nigeria, Brazil agribusiness MoU
According to a statement issued on Sunday by the state house director of information and publicity, Abiodun Oladunjoye, titled ‘Nigeria, Brazil Sign MoU to Boost Agribusiness in 774 Local Government Areas,’ the partnership is projected to attract $4.3 billion in private-sector investments.
Part of the statement reads:
"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.”
Based on the agreement over the next five years, Punch reports that 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.
Tinubu speaks on investment in livestock development
Meanwhile, Legit.ng reported that President Bola Tinubu said his administration's investment in livestock development was an attempt to turn a situation of tragedy and hopelessness into economic opportunity.
Tinubu said the livestock development would end the farmer-herder clash crisis and eradicate hunger and poverty in Nigeria.
Tinubu stated this at the signing of a Letter of Intent with JBS S.A., one of the top three largest meat processing companies globally, in Rio de Janeiro, Brazil, on Thursday, November 21, 2024.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
