Nigeria, Brazil MoU will transform agriculture — BOA

The Bank of Agriculture has described the recent agricultural agreement signed between President Bola Tinubu and his Brazilian counterpart, Luiz Inácio Lula da Silva, as a step in the right direction.

The BOA expressed optimism that the agreement would unlock vast opportunities in agricultural development for both countries.

This was contained in a statement made available to PUNCH Online on Friday by the Senior Manager, Head, Corporate Communication of BOA, Maikenti Akila.

According to the statement, the agreement had BOA’s Managing Director/Chief Executive Officer, Ayo Sotinrin, and the President of Brazil’s National Bank for Economic and Social Development, Mr Aloizio Oliva, as signatories, with President Luiz Inácio Lula da Silva and Tinubu serving as witnesses.

The statement read, “Under the MoU, both nations will collaborate on the co-development of urea projects for export to Brazil, joint investment in seed technologies for Nigeria in partnership with Brazil’s foremost agricultural research agency, and the creation of a credit facility to finance agricultural equipment.

“The facility is designed to support both small- and large-scale farmers from Nigeria and Brazil investing in Nigeria’s agriculture sector, thereby boosting productivity and strengthening food security.”

BOA thanked Tinubu and Silva for their commitment to deepening agricultural ties between Nigeria and Brazil, describing the pact as a major leap toward sustainable development.

“Analysts believe the agreement has the potential to reposition Nigeria as a leading agricultural exporter in the global market, given the scale of investment, technology transfer, and enhanced production capacity it promises to deliver,” the statement added.

Peter Dada | PUNCH

<<CLICK/TAP HERE>>