Nigeria and Brazil have signed a significant $1 billion agreement to enhance cooperation across agriculture, food security, energy, and defence, according to Nigeria’s Vice President, Kashim Shettima.
In a post on his official X account, Shettima revealed that the partnership would see the deployment of over $1 billion toward supplying mechanised farming equipment, establishing training programs, and setting up service centres across the country.
“Our goal is to transition from subsistence farming to large-scale, mechanised agriculture,” Shettima stated. “In the energy sector, we are also making long-overdue moves to attract significant investment in gas production, refining, and renewable energy.”
Farming in Nigeria remains largely subsistence-based, with land commonly held by families or individuals. This structure presents major obstacles to scaling up commercial agriculture. Despite a population of over 200 million, Nigeria still relies heavily on imported food.
The deal was formalised in Abuja during the official visit of Brazil’s Vice President, Geraldo Alckmin, as both countries move to strengthen their bilateral relationship.
During the engagement, Vice President Shettima also pointed to the ongoing economic reforms under President Bola Tinubu’s administration, noting that they are aimed at restructuring the economy for long-term stability.
Nigeria has set an ambitious target to expand its economy to $1 trillion by 2030, focusing on reforms in agriculture, energy, education, and public finance. As part of these efforts, the government has instructed banks to recapitalise in order to increase investor confidence and draw in more foreign direct investment.
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