FG Partners with Brazil to Boost Agribusiness and Attract $4.3 Billion in Investments
FG has taken a major step toward transforming its agricultural sector by signing a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV). The deal, which aims to modernize agriculture in Nigeria, is expected to unlock private-sector investments worth $4.3 billion
FG Partners with Brazil to Boost Agribusiness and Attract $4.3 Billion in Investments
Federal Government of Nigeria has taken an important step towards Re-engineering her agricultural sector by signing a Memorandum of Understanding (MoU) with Brazil’s Fundação Getulio Vargas (FGV). The agreement, which aims to modernize agriculture in Nigeria, is expected to opén private-sector investments worth $4.3 billion.
The MoU was signed by Mr. Temitope Fashedemi, Permanent Secretary of Nigeria’s Ministry of Agriculture and Food Security (FMAFS), and Professor Carlos Ivan Simonsen Leal, President of FGV, at FGV’s headquarters in Rio de Janeiro, Brazil. This happened on the sidelines of the recent G20 Leaders’ Summit.
“This partnership opens the way for Brazil to engage with Nigeria’s rapidly growing agricultural sector,” Mr. Fashedemi stated during the event. The agreement builds on the Green Imperative Project (GIP), a cooperative initiative launched in 2018 to modernize Nigeria’s agricultural systems using Brazilian expertise in tropical farming.
GIP, supported by Deutsche Bank, is a $1.2 billion initiative designed to transfer advanced agricultural knowledge and technologies to Nigeria over 10 years. Under the project, one agribusiness in each of Nigeria’s 774 local government areas will receive technical and financial support. This initiative is expected to drive sustainable development, boost food production, and create jobs.
