Business • Created March 3, 2025 00:54

FG signs $4.3bn deal with Brazil to boost fertiliser production

Nigeria’s Vice President, Kashim Shettima, has stated that the federal government recently signed a $4.3 billion memorandum of understanding with Brazil targeted at boosting fertiliser production and food security across the country. Shettima made the disclosure in Abuja over the weekend at an Agriculture and Food Security high level summit organised by the  Nigerian Economic […]

FG signs $4.3bn deal with Brazil to boost fertiliser production

shettima

Nigeria’s Vice President, Kashim Shettima, has stated that the federal government recently signed a $4.3 billion memorandum of understanding with Brazil targeted at boosting fertiliser production and food security across the country.

Shettima made the disclosure in Abuja over the weekend at an Agriculture and Food Security high level summit organised by the  Nigerian Economic Summit Group (NESG), in collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the National Bureau of Statistics (NBS).

The vice president who was represented by Dr Ali Modibbo, reaffirmed the current administration’s commitment to ensuring food security and agricultural transformation in the country

According to him, a “$4.3 billion Memorandum of Understanding (MOU) has recently been signed with Brazil aimed at boosting fertiliser production, hybrid seed development, and agricultural credit lines, significantly strengthening Nigeria’s food production capacity.”

Earlier in his welcome address, Mr Boye Olusanya, Vice Chairman of NESG, represented by Mr Uche Ogbonna, Executive Director of the Ernest Shonekan Centre for Legislative Reforms and Economic Development at the NESG, underscored the paradox of Nigeria’s agricultural landscape.

Ogbonna said: “In a nation blessed with over 84 million hectares of arable land, diverse agroecological zones, and a vibrant workforce, no Nigerian should go to bed hungry. And yet, hunger and malnutrition persist.”

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