Brazil-Nigeria set to invest $1billion to boost food security

Brazil and Nigeria will spend about $1billion through the Green Imperative Project. The Green Imperative project is a Brazil-Nigeria initiative that aims to strengthen the agro-industrial sector, increasing production and boosting food security in Nigeria. It uses Brazilian technology for the development of agriculture mechanization. The initiative through an investment package will bring solution to Nigeria’s age long challenge of connecting the value chain in the agriculture sector.

In light of this, an investment of about $1 billion has been set by the Governments of Brazil and Nigeria to be used to improve the overall infrastructure in rural areas. The investment is in form of a loan, guaranteed by the Islamic Development Bank and Islamic Corporation of Insurance for Export Credit. The credit facility will last for 15 years at 3 per cent interest rate over that period.

 The focus will be on the construction of power plants, training structures and agro-processing factories. Special interest areas also include acquisition of rural machinery such as tractors, drillers, seeders, cultivators, and harvesters. Specific crop interests include rice, cassava, cocoa, wheat, soya beans, maize, and tomatoes. The project will be implemented in two phases: creation of around 780 agricultural service centers as catalysts, through training and equipment sharing and technology transfer from Brazil to Nigeria via the commercialization of agricultural equipment and inputs.

The Brazil-Nigeria scheme is set to benefit over 100,000 youths directly and more than 5 million Nigerians indirectly. It is designed for Nigerians to acquire 10,000 units of tractors and 50,000 units of assorted implements. In addition, project beneficiaries will receive training over the course of ten years. To make sure that this scheme is properly implemented, the Minister of Agriculture and Rural Development (FMARD), Alhaji Muhammad Sabo Nanono, inaugurated an 18-Man Committee. The programme would be private sector driven with the government creating an enabling environment.

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