As part of measures to ensure food security in the country, Nigeria and Brazil have signed the commercial phase of the $1.1 billion Green Imperative Project (GIP) to boost agriculture productivity and enhance private-sector investment in Nigeria.
GIP, the largest agricultural project in Africa which priotises the development of sustainable, low-carbon agriculture, aims to develop structural conditions to boost food production in Nigeria in an efficient and competitive manner.
The MoU for the $1.1 billion GIP 1 was signed in 2018, while the $4.3 billion phase 2 of the project and the $2.5 billion JBS were signed in Brazil during President Bola Ahmed Tinubu’s visit to that country last year, all amounting to the tune of approximately $8 billion.
This is just as Vice President Kashim Shettima has described the signing of the commercial phase of the GIP 1 as part of ongoing efforts by the administration of President Tinubu to enhance food security in the country.
During the signing of the commercial phase of the GIP 1 at Presidential Villa, Abuja, Vice President Shettima said the GIP will leverage on strategic opportunities to drive the nation’s economic growth and boost investor confidence.
In his remarks, the Ambassador of Brazil to Nigeria, Carlos Garcete said it is a great honour for Brazil to associate with the Green Imperative Project (GIP), saying “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 $1.1billion dollars.”
