OIC Economies

Nigeria to unveil $100bn initiative with Brazil on economy and food security

Published 17 Nov,2021 via BizWatchNigeria - Nigeria’s Vice President Yemi Osinbajo has announced that the Federal Government will be unveiling the $100bn Green Imperative Nigeria-Brazil Bilateral Development Programme developed to support the economy through agricultural mechanisation.

He noted that the initiative would explore Brazilian technology for the advancement of mechanization of the agricultural sector in order to make farming a dignified venture for Nigerians and ultimately grow agricultural output and boost food security in the country.

Osinbajo while declaring open the Nigerian Diaspora Investment Summit 2021 hosted by the Nigeria Diaspora Summit Initiative in collaboration with the Nigerians in Diaspora Commission in Abuja on Tuesday, noted that the first phase of the programme entails the allocation of over $200m for the establishment of around 780 Agricultural Service Centres as the poles for catalyst through training and equipment sharing.

The second phase, he added, entails technology transfer from Brazil to Nigeria via the commercialization of agricultural equipment and input such as tractors, planters, seeders, fertilizers and pesticides.

Osinbajo who was represented by the Secretary to the Government of the Federation, Boss Mustapha, stated, “Another programme in the works designed to transform agriculture and scale-up productivity in Nigeria is the Green Imperative Nigeria-Brazil Bilateral Development Programme.

“Its design is to sustain the economy through the use of Brazilian technology for the development of agricultural mechanization to make farming a dignified venture for Nigerian people and ultimately increase agricultural production and boost food security.

“This solution for Nigeria is the connection of the agricultural value chain through an investment package of initial financing of $100bn set by the governments of Brazil and Nigeria to be used for the improvement of overall infrastructure in the rural areas of Nigeria.”Copyright

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