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.
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.
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:
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.
Meanwhile, TimesNow.com.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 TimesNow.com.ng.
Source: TimesNow.com.ng
