Nigeria, Brazil sign $1bn deal to boost agriculture and food security

A drone view shows ships and containers at the Port of Santos, in Santos, Brazil April 3, 2025. REUTERS/Amanda Perobelli/File Photo

Much farming in Nigeria is subsistence, and land is owned by families or individuals, which makes large-scale acquisition problematic. Nigeria also imports food for its 200 million-plus population.

“We are moving from subsistence to scale in agriculture, and in energy, we are taking long-overdue steps to attract serious investment into gas production, refining, and renewables,” says Kasim Shettima, vice president of the Federal Republic of Nigeria

The agreements were signed in Abuja during a visit by Brazil's vice president, Geraldo Alckmin, to Africa's most populous nation.

Shettima told his Brazilian counterpart that reforms embarked upon by President Bola Tinubu have helped reshape Nigeria's economy.

Nigeria is targeting a $1t economy by 2030, with reforms to agriculture, energy, education, and public finance. The country has also asked banks to recapitalise to attract foreign investments.