Nigeria-Brazil agricultural agreement sparks major leap in food security

Nigeria-Brazil Agricultural Agreement sparks hope as BOA hails Tinubu and Lula’s pact to boost farming, food security, and sustainable growth

The Nigeria-Brazil Agricultural Agreement is being hailed as a breakthrough for food security and farming productivity.

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The Bank of Agriculture (BOA) has expressed strong optimism about the pact recently signed between President Bola Tinubu and Brazil’s Luiz Inácio Lula da Silva.

According to BOA, the agreement opens vast opportunities for agricultural development, technology transfer, and farmer support across both nations.

The memorandum of understanding was signed by BOA’s Managing Director/CEO, Ayo Sotinrin, and the President of Brazil’s National Bank for Economic and Social Development, Aloizio Oliva.

Presidents Tinubu and Lula witnessed the historic signing, underscoring its importance.

Key highlights of the deal include co-developing urea projects for export, advancing seed technology with Brazil’s top agricultural research agency, and establishing a joint credit facility for financing agricultural equipment.

Both small and large-scale farmers in Nigeria and Brazil will benefit from the facility, helping boost productivity and strengthen food security.

BOA commended the two presidents for their commitment to sustainable development, calling the agreement a major leap forward.

Analysts believe the pact could reposition Nigeria as a leading global agricultural exporter, thanks to expanded investment, modern technology, and enhanced production capacity.