Nigeria and Brazil have entered into a $1 billion agreement targeted towards strengthening key sectors including agriculture, food security, energy, and defence in Nigeria, Vice President Kashim Shettima announced on Tuesday.
Both countries aim to “deploy over $1 billion to deliver mechanised farming equipment, training, and service centres across Nigeria,” Shettima said in a statement posted on X.
Agriculture in Nigeria is largely subsistence-based, with land typically owned by families or individuals—posing challenges for large-scale commercial farming. Despite its agricultural potential, the country still relies heavily on food imports to meet the needs of its population of over 200 million.
“We are moving from subsistence to scale in agriculture, and in energy, we are taking long-overdue steps to attract serious investment into gas production, refining, and renewables,” Shettima added.
The deal was signed in Abuja during a visit by Brazil’s vice president, Geraldo Alckmin, to Nigeria.
Shettima told Alckmin that reforms embarked upon by President Bola Tinubu have helped reshape Nigeria’s economy.
Nigeria has set an ambitious goal of growing its economy to $1 trillion by 2030, driven by sweeping reforms across key sectors such as agriculture, energy, education, and public finance. As part of its broader economic strategy, the government has also directed banks to increase their capital base in a bid to strengthen the financial system and attract greater foreign investment.
