Nigeria has inked a significant $1 billion agreement with Brazil, aiming to revolutionise its agricultural sector and bolster food security. The landmark partnership, formalised during a visit by Brazilian Vice President Geraldo Alckmin to Abuja, seeks to transition Nigeria’s largely subsistence farming practices towards a more mechanised and large-scale model.
The collaboration will see the deployment of modern farming equipment, the implementation of comprehensive training programs, and the establishment of service centers across Nigeria. This initiative directly addresses the challenges posed by Nigeria’s current agricultural landscape, where land ownership is predominantly fragmented among families and individuals, complicating large-scale acquisition for commercial farming. Nigeria, with a population exceeding 200 million, currently relies on substantial food imports to meet domestic demand.
“We are moving from subsistence to scale in agriculture, and in energy, we are taking long-overdue steps to attract serious investment into gas production, refining, and renewables,” stated Kasim Shettima, Vice President of the Federal Republic of Nigeria, emphasizing the broader economic reform agenda.
Shettima highlighted that reforms initiated by President Bola Tinubu’s administration have been instrumental in reshaping Nigeria’s economic trajectory. The West African nation is aggressively pursuing an ambitious target of achieving a $1 trillion economy by 2030, with strategic reforms underway in key sectors including agriculture, energy, education, and public finance. In a related move to attract foreign direct investment, the country has also directed its banking sector to recapitalize.
The multi-faceted agreement with Brazil underscores Nigeria’s commitment to unlocking its agricultural potential and reducing its reliance on food imports, paving the way for enhanced food security and economic diversification.
