The federal government of Nigeria has signed the commercial phase of the $1.1 billion Green Imperative Project (GIP).
The GIP, Nigeria’s largest agricultural project, is designed to promote sustainable farming practices, modernise food production, and enhance economic competitiveness in the sector.
The agreement between Nigeria and Brazil will boost international partnerships to drive growth in agriculture, an indispensable sector in Nigeria’s economy.
Commenting on the project, Senator Kashim Shettima, vice president of Nigeria, stated that the deal is part of the government’s drive to ensure food security and implement President Bola Ahmed Tinubu’s eight-point agenda.
“As this administration addresses the food security challenge we are facing and dovetails the 8-point agenda of President Bola Ahmed Tinubu, it is imperative for us to synergise and use existing initiatives such as the GIP for the purpose of policy continuity, for the purpose of utilising or leveraging on strategic opportunities to drive our economic growth and also to enhance investor confidence.”
The GIP’s initial phase was first outlined in 2018 through a Memorandum of Understanding. The project’s second phase, valued at $4.3 billion, alongside a $2.5 billion Joint Bilateral Strategy (JBS), was formally signed in Brazil earlier in 2024 during President Tinubu’s official visit.
Brazil’s Ambassador to Nigeria, Carlos Garcete, noted Brazil’s commitment to supporting Nigeria’s agricultural development.
He acknowledged the lengthy process of securing funding from private investors and regional development banks, as well as the seven-year negotiation period required to finalise the agreement.
Several state governors and federal ministers commended the initiative, stressing its potential to enhance the economy.
With agriculture driving Nigeria’s GDP, stakeholders believe that the GIP will modernise farming, create jobs, and strengthen Nigeria’s food supply chain in the coming years.
