Nigeria and Brazil agree to invest $1 billion to advance agriculture
Nigeria’s vice president, Kasim Shettima, announced Tuesday that the country and Brazil had inked a $1 billion deal to improve the West African country’s energy, defense, food security, and agriculture.
Shettima stated in a statement on X that both nations will “deploy over $1 billion to deliver mechanised farming equipment, training, and service centers across Nigeria.”
In Nigeria, a major portion of farming is subsistence, and land is owned by families or individuals, making large-scale acquisition difficult. For its population of more than 200 million, Nigeria also imports food.
“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,” Shettima continued.
The agreements were inked in Abuja while Geraldo Alckmin, the vice president of Brazil, was in the most populated country in Africa.
President Bola Tinubu’s policies have helped transform Nigeria’s economy, Shettima informed his Brazilian counterpart.
With improvements in public finance, education, energy, and agriculture, Nigeria aims to reach a $1 trillion GDP by 2030. Additionally, in order to draw in foreign investment, the nation has requested that banks recapitalize.
