Nigeria and Brazil signed a $1 billion agreement on Tuesday to boost agriculture, food security, energy and defence in the West African nation, Nigeria's vice president Kasim Shettima said.

Both countries aim to "deploy over $1 billion to deliver mechanised farming equipment, training, and service centres across Nigeria," Shettima said in a statement posted on X.

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," Shettima added.

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 reshaped Nigeria's economy.

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

Source - https://www.reuters.com