Tinubu’s Govt, Brazil Sign MoU to Boost Agribusiness in Nigeria

• The Federal Government of Nigeria has signed a Memorandum of Understanding (MOU) with Brazil
• The MoU is to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance
• The private sectors under the MoU are projected to attract $4.3 billion in private-sector investment

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro, government policy, and international events

Rio de Janeiro, Brazil - The 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.

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.

The Director (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.

The project will identify and support one agribusiness across the 774 local government areas of the country with technical and financial resources.

Speaking at the signing ceremony, Fashedemi said:

“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.”

Tinubu speaks on investment in livestock development

Meanwhile, Legit.ng reported that President Tinubu said his administration's investment in livestock development is an attempt to turn a situation of tragedy and hopelessness into economic opportunity.

Tinubu said the livestock development will end the farmer-herder clash crisis and eradicate hunger and poverty in Nigeria.

President 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.