Nigeria and Brazil have signed a $1 billion agreement to boost agriculture, food security, energy, and defense in Nigeria. The deal, signed in Abuja during an official visit by Brazilian Vice President Geraldo Alckmin, includes the supply of mechanized agricultural equipment, training of specialists, and the opening of service centers across the country.
Nigerian Vice President Kashim Shettima said the project will help the country transition from subsistence farming to large-scale agriculture. “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,” he emphasized.
The agreement is part of Nigeria’s strategy to become a $1 trillion economy by 2030. To achieve this goal, the country aims to improve performance in agriculture, energy, education, and the public sector, and encourage banks to recapitalize to attract foreign investment. Shettima noted that reforms initiated by President Bola Tinubu are already changing the country’s economic course.