Nigeria and Brazil have signed the commercial phase of the $1.1 billion Green Imperative Project (GIP) deal as part of efforts to ensure food security in Nigeria.
A statement by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, said the project will boost agricultural productivity and enhance private-sector investment in the country.
GIP, the largest agricultural project in Africa, prioritises the development of sustainable, low-carbon agriculture and aims to create structural conditions to boost food production efficiently and competitively.
Reports indicate that the Memorandum of Understanding (MoU) for the $1.1 billion Phase 1 of the project was signed in 2018. Additionally, the $4.3 billion Phase 2 and the $2.5 billion JBS agreements were signed in Brazil during President Bola Tinubu’s official visit last year, bringing the total investment to approximately $8 billion.