Nigeria, Brazil sign $1 billion deal to boost agriculture, energy

In June, Nigeria and Brazil signed a $1 billion agreement aimed at boosting agriculture, food security, energy and defense in Nigeria. According to Nigerian Vice President Kasim Shettima, the project includes the supply of mechanized agricultural equipment, training of specialists and the opening of service centers across the country.

The volume of agriculture in Nigeria is still mainly small-scale — much of it belongs to individual families, which complicates the transition to large-scale production. In this regard, the country is forced to import a significant share of food to serve a population of more than 200 million.

“We are moving from subsistence farming to large-scale agriculture, and in the energy sector, we are taking long-overdue steps to attract serious investment in gas production, processing and renewable energy,” Shettima emphasized.

The document was signed in Abuja during an official visit by Brazilian Vice President Geraldo Alckmin. According to Shettima, reforms initiated by President Bola Tinubu are already changing the country’s economic course. As part of the strategy, Nigeria aims to become a $1 trillion economy by 2030 by improving performance in agriculture, energy, education and the public sector, and encouraging banks to recapitalize to attract foreign investment.

Tags: Brazil, Nigeria