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Nigeria Secures $8 Billion Agribusiness Investment from Brazil

March 18, 2025
in Business
Nigeria Secures $8 Billion Agribusiness Investment from Brazil

Pic 17 From left. Cuban Ambassador to Nigeria, Miriam Morales Palmero; Cuban Foreign Affairs Minister, Bruno Rodriguez Partilla and Vice President Kashim Shettima during a meeting at the Presidential Villa in Abuja on Monday (17/3/25) 0167/MON/MARCH/17/2025/Sumaila Ibrahim/ICE/NAN

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By Funke Ewabumi, Abuja

The Nigeria government and it Brazilian counterpart on Monday
finalized the commercial phase of the $1.1 billion Green Imperative Project (GIP), aimed at increasing agricultural productivity and encouraging private-sector investment in Nigeria.

According to officials from the Presidency, the memorandum of understanding (MoU) is a key step toward ensuring food security in the country.

The GIP, recognised as the largest agricultural initiative in Africa, focuses on promoting sustainable, low-carbon farming practices. It seeks to create the necessary conditions to enhance food production in Nigeria in an efficient and competitive manner.

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The MoU for the $1.1 billion first phase was signed in 2018, while the $4.3 billion second phase and the $2.5 billion JBS projects were agreed upon during President Bola Tinubu’s visit to Brazil last year.

During the signing ceremony at the Presidential Villa in Abuja, Vice President Kashim Shettima stressed that the commercial phase of the GIP’s first phase aligns with the administration’s ongoing efforts to strengthen food security. He explained that the project would capitalize on strategic opportunities to drive economic growth and boost investor confidence in the country.

“As this administration addresses the food security challenges we are facing and dovetails the eight-point agenda of President Bola Ahmed Tinubu, we must synergise and use existing initiatives such as the GIP for the purpose of policy continuity and for leveraging strategic opportunities to drive our economic growth and enhance investor confidence,” Shettima said.

Senator Shettima noted that the GIP aligns with all the policies and programmes of the Tinubu administration and will link small-scale farmers with the entire agricultural value chain in the country.

“We have been battling with low agricultural productivity for decades, and as I have always said, entrepreneurial capitalism is embedded in the very psyche of the average Nigerian, but what our people are lacking is the wherewithal to be placed on the first ladder of development.

“This GIP is a wonderful opportunity because it seamlessly aligns with all the policies and programmes of this government. It is a private-sector-driven initiative that targets small-scale farmers and links them with all agricultural value chains.

“Today, to me, is a high point of our leadership in this country. Yes, we have started seven years behind, but the journey of a thousand miles begins with a step. The year 2025, as rightly captured by His Excellency, the Brazilian Ambassador to Nigeria, is a milestone in our journey towards food security and the diversification of our nation’s economy,” he further noted.

Mr Garcete, representative of the Brazilian government, thanked President Bola Tinubu for bringing the long negotiations to a fruitful conclusion.

In his goodwill remarks, the Governor of Jigawa State, Alhaji Umar Namadi, expressed his satisfaction with the signing of the agreement, highlighting the significant role agriculture plays in the nation’s economy.

“The strong commitment shown at the highest levels—from the President to the Vice President—compels us at the subnational level to align with this initiative, as it is a project that directly benefits us all,” he stated.

Similarly, the Governor of Benue State, Rev. Fr. Hyacinth Alia, remarked that Benue, known as the nation’s food basket, was particularly pleased to witness the agreement’s signing. He pledged the state’s full support for the project’s success, declaring, “Benue State not only holds the basket but also the food and its surplus, ensuring the nation’s sustenance.”

The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, who was also present at the ceremony, described the agreement as a exemplary model of South-South cooperation between Nigeria and Brazil. He mentioned that the Brazilian Minister of Foreign Affairs had visited Nigeria the previous week, engaging in bilateral discussions with President Tinubu.

Ambassador Tuggar pointed out that both nations are deeply committed to the project, inspired by Brazil’s remarkable achievement in transforming arid savannahs into some of the world’s most productive agricultural lands.

The Attorney-General of the Federation and Minister of Justice, Hon. Lateef Fagbemi, also commended all stakeholders for their contributions, acknowledging their efforts in ensuring the successful realization of the event.

Tags: Agribusiness
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