After seven years of negotiation, the government of Brazil has announced a commitment to strengthen Nigeria’s agricultural sector through songs from private and regional development banks.
The agreement was signed at the Presidential Villa in Abuja after the Memorandum of Understanding (MoU) for GIP Phase 1 was initially signed in 2018. It was noted that the agreement will enhance food production, promote sustainable agriculture, and bolster private-sector investment in Nigeria.
According to Vice-President Kashim Shettima this collaboration this initiative aligns with President Bola Ahmed Tinubu’s eight-point agenda to boost agricultural productivity and enhance private-sector investment in Nigeria.
“As this administration addresses the food security challenges we are facing and dovetails the 8-point agenda of President Bola Ahmed Tinubu, it is imperative for us to synergise and use existing initiatives such as the GIP for the purpose of policy continuity, for the purpose of utilising or leveraging on strategic opportunities to drive our economic growth and also to enhance investor confidence,” Shettima stated.
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He added that the initiative fosters addressing on-going challenges within the agricultural sector, enables sustainable farming and low-carbon farming practices, ultimately easing food production, creating employment opportunities, driving economic progression, and eradicating hunger.
According to the Ambassador of Brazil to Nigeria, Carlos Garcete, “over the past seven years, there has been negotiation with the Nigerian government with a view to obtaining the necessary funds from private and regional development banks to finance this ambitious project, which is worth approximately $1.1billion dollars.”
“In the event of a tractor breakdown, repairs can be conducted in Nigeria by personnel trained under the GIP framework,” he added.
