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Brazil to invest $100bn in Nigeria— Osinbajo

by Business News Report

Vice President Yemi Osinbajo has said that Nigeria will attract investment package worth over $100 billion from partnering with Brazil on the Green Imperative, Nigeria-Brazil Bilateral Development Program. He said this at the 4th edition of the Nigeria Diaspora Investment Summit 2021 with the theme: “Partnership and Linkages for Post-Covid Economic Growth Hybrid Summit” in Abuja. Osinbajo, who was represented by the Secretary to the Government of the Federation, Boss Mustapha, said the key objective of the program is to scale up the country’s agribusiness between Nigeria and Brazil. He said that the program is designed to sustain and transform the agricultural sector and boost productivity, value chain and infrastructural development in the rural areas of Nigeria.

According to him “A program in the works designed to transform agriculture and scale up productivity in Nigeria is the Green Imperative Nigeria-Brazil Bilateral Development Program. Its design is to sustain the economy through the use of Brazilian technology for the development of agricultural mechanisation to make farming a dignified venture for Nigerian people and ultimately increase agricultural production and boost food security. This solution for Nigeria is the connection of the agricultural value chain through an investment package of initial financing of 100 billion dollars, set by the governments of Brazil and Nigeria to be used for the improvement of overall infrastructure in the rural areas of Nigeria. The key objective is to scale up the country’s agriculture through close collaboration between Nigerian and Brazilian industries for the delivery and use of technology to improve crops. In terms of outcome, the Green Imperative is still in its early stages of implementation. With the active and engaged participation of both countries through their respective Ministries of Foreign Affairs, Agriculture and Finance, the Green Imperative is part of the foreign agenda of both countries, thus representing a worthy cooperation initiative for a duration of 10 years with long term goals for food security, expanded job growth and ultimately boost food production and household incomes in Nigeria.”

He further said “The project will have over two phases of implementation.  The first phase will be allocation of over 200 million dollars for the creation of around 780 Agricultural Service Centres as the poles for catalyst through training and equipment sharing, while the second phase will be technology transfer from Brazil to Nigeria via the commercialisation of agricultural equipment and inputs such as tractors, planters, seeders, fertilisers and pesticides. This program will provide another veritable avenue for investment and engagement by the Diaspora for sustainable outcomes.” He said that an enabling business environment must be created for investors, stressing that recovering the economy of the nation cannot be achieved by the government alone, hence the need for partnerships.

“Recovering the economy of the nation cannot be achieved by the government alone; we need the partnership and deep involvement of the Diaspora and foreign investors, among others, investing in local businesses to boost and diversify the economy. It is this realisation that has driven this Administration’s support for the NDIS as a clarion call to our Diaspora and their friends to come and invest in a land of boundless opportunities and possibilities like the Chinese, Indians, Lebanese, Israelis and South Africans are already and successfully doing here in Nigeria,” he said. In her welcome address, Chairman of the Nigerians in Diaspora Commission, NiDCOM, Abike Dabiri-Erewa, said the Nigeria Investment Summit creates the avenue and platform of partnership between the Government and the Diaspora in attracting investment into local business and thus enhancing Foreign Direct Investment in the country. She maintained that, The summit, since its inception in 2018, has been living up to its expectations of attracting Diaspora investment into local business in Nigeria with bounteous success stories. Time won’t permit to speak on them, but we have startup companies like Opalson Nigeria Limited who are basically into exportation of Agro commodities from Nigeria to the international Market and during the last Summit they were able to connect with investors who helped them expand their journey in exporting hardwood charcoal to other countries.” Dignitaries who graced the event were, Minster of State for Foreign Affairs, Amb. Zubairu Dada, Governor of Kebbi State, Abubakar Atiku Bagudu, Minister of State for Indsutry, Trade and Investment, Mariam Katagum, Minster of Health, Dr. Osagie Ehanire and Governor of Nasarawa State, Abdullahi Sule.

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