Trackup-news.com
25, November 2024
The federal government has signed a Memorandum of Understanding (MOU) with Brazil’s Fundação Getulio Vargas (FGV) to boost private sector development in fertilizer production, hybrid seed technology, and agricultural finance. This partnership aims to enhance agric-business in all 774 local government areas of Nigeria between now and 2029.
This was contained in a release issued on Sunday by the State House Director of Information and Public Relations, Abiodun Oladunjoye
The agreement marks a new phase of collaboration between Nigeria and FGV, the lead implementer of the Green Imperative Project (GIP), a $1.2-billion cooperative effort between Brazil and Nigeria to modernize Nigeria’s agricultural sector through Brazilian expertise in tropical agriculture ¹.
The project, supported by Deutsche Bank, aims to deliver transformative agricultural technologies and knowledge transfer over its 10-year duration. It will identify and support one agribusiness in each local government area with technical and financial resources, driving sustainable development and economic growth.
The Permanent Secretary of the Ministry of Agriculture and Food Security (FMAFS), Mr. Temitope Fashedemi, expressed optimism about the partnership, stating that it will unlock the potential of private sector investment in key areas critical to Nigeria’s food security.
The MoU is expected to attract $4.3 billion in private-sector investment in fertilizer production, hybrid seed technology and agricultural financing
