Settlement goals to spice up meals safety, defence and funding
25 June 2025
1 minute learn
Nigeria and Brazil signed a $1 billion settlement on Tuesday to spice up agriculture, meals safety, power and defence within the West African nation, Reuters reported, citing Nigeria’s vice chairman Kasim Shettima.
Each international locations goal to “deploy over $1 billion to ship mechanised farming tools, coaching, and repair centres throughout Nigeria,” Shettima mentioned in an announcement posted on X.
A lot farming in Nigeria is subsistence and land is owned by households or people which makes large-scale acquisition problematic. Nigeria additionally imports meals for its 200 million plus inhabitants.
“We’re shifting from subsistence to scale in agriculture, and in power, we’re taking long-overdue steps to draw critical funding into gasoline manufacturing, refining, and renewables,” Shettima added.
The agreements had been signed in Abuja throughout a go to by Brazil’s vice chairman Geraldo Alckmin to Africa’s most populous nation.
Shettima advised his Brazilian counterpart that reforms embarked upon by President Bola Tinubu have helped reshaped Nigeria’s financial system.
Nigeria is concentrating on a $1 trillion financial system by 2030, with reforms to agriculture, power, schooling, and public finance. The nation has additionally requested banks to recapitalise to draw international investments.
