Nigeria, Brazil Seal $1.1bln Green Imperative Project Deal

Nigeria and Brazil have signed the commercial phase of the $1.1 billion Green Imperative Project (GIP), a landmark initiative aimed at strengthening Nigeria’s food security and driving private-sector investment in agriculture.

Persecondnews reports that the agreement was signed on Monday at the Presidential Villa in Abuja, marking a crucial step in transforming Nigeria’s agricultural sector.

The GIP, the largest agricultural project in Africa, prioritizes the development of sustainable, low-carbon agriculture, aiming to develop structural conditions to boost food production in Nigeria efficiently and competitively.

VP Shettima described the project as a “strategic initiative” that aligns with the government’s eight-point agenda, noting that it would play a key role in linking small-scale farmers with the agricultural value chain.

“As this administration addresses the food security challenges we are facing and dovetails the 8-point agenda of President Bola Ahmed Tinubu, it is imperative for us to synergise and use existing initiatives such as the GIP for the purpose of policy continuity, for the purpose of utilising or leveraging on strategic opportunities to drive our economic growth and also to enhance investor confidence,” Shettima said.

The project will facilitate the importation and assembly of agricultural equipment, such as tractors and spare parts, in Nigeria.

Brazilian Ambassador Carlos Garcete expressed his country’s commitment to the GIP, stating that “over the past seven years, there has been negotiation with the Nigerian government with a view to obtaining the necessary funds from private and regional development banks to finance this ambitious project, which is worth approximately $1.1 billion”.

The GIP is expected to have a significant impact on Nigeria’s agricultural sector, with governors from Jigawa and Benue states hailing the signing of the agreement as a milestone for their states.

“Benue State does not only hold the basket but also provides the food and its surpluses for the nation,” said Governor Hyacinth Alia.

The project is part of broader efforts by President Bola Tinubu’s administration to address food security challenges in the country.

With a total value of approximately $8 billion, the GIP is poised to drive Nigeria’s economic growth and boost investor confidence in the agricultural sector.