••• BOA Strikes Brazil Agreement to Power Nigeria’s Farming Future
Nigeria’s quest for agricultural transformation received a major boost as the Bank of Agriculture (BOA) entered into a landmark partnership with Brazil’s National Bank for Economic and Social Development (BNDES).
The Memorandum of Understanding (MoU), signed during President Bola Ahmed Tinubu’s State Visit to Brazil, is being hailed as a watershed in bilateral economic cooperation.
BOA Managing Director/Chief Executive Officer, Ayo Sotinrin, and BNDES President, Aloizio Mercadante Oliva, were the official signatories, while President Tinubu and his Brazilian counterpart, Luiz Inácio Lula da Silva, witnessed the historic ceremony.
The agreement covers the co-development of urea projects for export to Brazil, joint investment in advanced seed technologies for Nigerian farmers, and the establishment of a credit facility to finance agricultural equipment.
According to BOA, the facility will be open to both small- and large-scale farmers from Nigeria and Brazil investing in Nigeria’s agriculture, thereby boosting productivity and strengthening food security.
In a statement, BOA lauded both presidents for their vision in deepening agricultural ties, describing the pact as a “giant leap toward sustainable development.”
Analysts say the deal could reposition Nigeria as a leading agricultural exporter, unlocking unprecedented opportunities through technology transfer, increased production, and expanded export capacity.
