Federal Government of Nigeria and Fundação Getulio Vargas of Brazil have signed a Memorandum of Understanding to advance private sector development in fertiliser production, hybrid seed technology, and agricultural finance. 

A statement by the Director of Information at the State House, Abiodun Oladunjoye, explained that the deal was signed in Rio de Janeiro, Brazil, on the sidelines of the G20 Leaders’ Summit. 

Under the MOU, private-sector projects on fertiliser production, hybrid seed technology and agricultural financing are projected to attract $4.3 billion in private-sector investment. 

Over the next five years, the project, supported by Deutsche Bank, will identify and support one agribusiness in Nigeria’s 774 local government areas with technical and financial resources, driving sustainable development and economic growth.

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