Nigeria and Brazil signed a $1.1 billion Green Imperative Project (GIP) to boost agriculture and private sector investment.
The new agreement is designed to create the right structure that will enhance drive food production efficiency and competitiveness across Nigeria.
Also, it seeks to address the long-standing challenges in the agricultural sector by integrating small-scale farmers into robust agricultural value chains.
The Memorandum of Understanding (MoU) for GIP Phase 1 was initially signed in 2018, paving the way for additional agreements.
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The second phase, valued at $4.3 billion, along with the $2.5 billion Joint Bilateral Strategy (JBS), was finalized in Brazil earlier this year during President Bola Ahmed Tinubu’s official visit, a statement signed by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications (Office of The Vice President) noted.
Speaking at the signing event, Vice-President Kashim Shettima emphasized that the GIP aligns with the Tinubu administration’s commitment to achieving food security and economic growth. He noted that the initiative plays a critical role in implementing the administration’s eight-point agenda, which includes job creation and economic diversification.
“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.
The Vice President further underscored the project’s private-sector-driven nature, ensuring that small-scale farmers are directly linked to value chains, enhancing productivity, and securing long-term sustainability. He described the agreement as a major milestone in Nigeria’s journey towards agricultural modernization.
