(Ecofin Agency) – In Nigeria, agriculture contributes 22% to GDP and employs around 38% of the active population. The government is strengthening its cooperation with foreign partners to attract more investment from private operators in the sector.
The Nigerian Ministry of Agriculture and Food Security has signed a memorandum of understanding aimed at boosting private investment in the agricultural sector, with the support of the Brazilian Think Tank (knowledge center), Fundação Getulio Vargas (FGV) . The event took place on the sidelines of the G20 summit of heads of state and government held from November 18 to 19 in Rio de Janeiro.
According to Temitope Fashedemi, permanent secretary at the Nigerian Ministry of Agriculture, the initiative will attract $4.3 billion in private sector investment in key areas such as local fertilizer production, hybrid seeds and agricultural financing. “This partnership paves the way for Brazil’s engagement in Nigeria’s dynamic and growing agricultural sector. With FGV, we are ready to unlock the potential of private sector investments in key areas for our food security,” the official said.
Recall that the FGV Think tank is already in charge of the implementation of the Nigeria-Brazil Agricultural Development Program, called « Green Imperative Project » and launched since 2019 for a period of 10 years. With a total cost estimated at approximately $1.2 billion, this program aims to facilitate the transfer of technologies between the two countries in order to strengthen food production.
Overall, the planned investments, if they materialize, should help support the development of targeted agricultural areas, in this case that of fertilizers, which has already made great progress in recent years. Data from the International Fertilizer Development Center (IFDC) indicates that local urea production in Nigeria has shown an average growth of 17% per year, from 1.4 million tonnes in 2017 to over 3,000 tonnes. 6 million tonnes in 2023.
Stéphanas Assocle
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