Brazil Firm Investment of $4.3bn: Tinubu Told What to Do

• The Federal Government of Nigeria has signed a Memorandum of Understanding (MOU) with Brazil, projected to attract $4.3 billion in private-sector
• The MoU is to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance
• Bisi Afolabi, a legal practitioner who spoke with Legit.ng, said it would be better to start from the northwest

Rio de Janeiro, Brazil - President Bola Ahmed Tinubu-led federal government and Fundação Getulio Vargas (FGV) of Brazil have signed a Memorandum of Understanding (MOU) to boost agribusinesses in Nigeria.

The MoU will advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance.

Deals Tinubu signed in Brazil

Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr Temitope Fashedemi, and the President of FGV, Professor Carlos Ivan Simonsen Leal, signed the MoU at FGV Headquarters in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders' Summit.

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The Director of information & Public Relations, Abiodun Oladunjoye, made this known in a statement issued on Sunday, November 24, 2024.

Oladunjoye explained that the project aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration.

Lawyer reacts to Tinubu's deal in Brazil

Bisi Afolabi, a legal practitioner, in an exclusive interview with Legit.ng, urged the company to start from the north-central to enhance the distribution of their products. He said:

"The reported investment of 2.5 million dollars by JBS SA, a Brazilian company that is the largest processor of meat in the world, is a welcome development. This reported investment is set against the background of the farmer-herders conflict in Nigeria and the previous attempt at establishing Grazing Reserves in Nigeria, which assumed a political dimension with accusations and counter-accusations of land grabbing.

"It goes without saying that the North, which houses the majority of Nigeria's livestock production, should be a natural choice location for this investment. However, the consumption of these products could be another very important factor to consider in the location of the investment. The FCTA or any nearby state within the Central geographic location would be an ideal choice for such an investment."

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Source: Legit.ng