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Green Imperative project defines new Nigeria-Brazil partnership

Green Imperative project hailed by VP Shettima as a transformative \$1bn Nigeria-Brazil partnership to drive mechanised farming and food security in Nigeria.

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Green Imperative project

Green Imperative project hailed by VP Shettima as a transformative \$1bn Nigeria-Brazil partnership to drive mechanised farming and food security in Nigeria

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Green Imperative project has been hailed by Vice President Kashim Shettima as a milestone in Nigeria’s renewed bilateral partnership with Brazil, during the second Nigeria-Brazil Strategic Dialogue Mechanism held at the Presidential Villa in Abuja.

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The \$1 billion agricultural initiative is expected to transform Nigeria’s mechanised farming sector, generate employment, and enhance national food security.

Speaking during the opening session, Shettima described the alliance between the two nations as one built not on proximity but on shared democratic values and mutual potential.

“Brazil and Nigeria are not bound by geography, but by a shared dream. Two large, diverse democracies. Two economies with immense natural and human capital. Two nations with the right to dream and the ability to build,” he said.

The **Green Imperative project**, jointly developed by Nigeria and Brazil, will deliver farming equipment, training centres, and service hubs across the country. Shettima said it is a key part of Nigeria’s agricultural transformation plan.

“This project will create jobs, raise productivity, and help secure Nigeria’s ambition to feed itself and others. The Green Imperative is a flagship of this partnership, and one we are determined to deliver.”

He reaffirmed the Tinubu administration’s resolve to implement reforms that restore investor confidence and drive long-term growth. “Fuel subsidies have been removed.

The exchange rate has been unified. A new business facilitation regime has come into force. These decisions are not without cost, but they are restoring credibility to our markets and discipline to public finance,” Shettima noted.

The Vice President outlined Nigeria’s ambition to become a trillion-dollar economy by 2030, with strategic reforms in agriculture, energy, education, and public finance. He invited Brazil to partner in areas such as biofuels, renewable energy, and climate action.

The session produced seven signed Memoranda of Understanding (MoUs), including agreements on defence cooperation, energy, counter-narcotics, audiovisual exchange, tourism, and livestock. Among them was an Addendum to the Strategic Dialogue Mechanism, reaffirming the framework for deepening cooperation.

Brazilian Vice President Geraldo Alckmin praised the growing partnership. “It is with great satisfaction that we witness the important results achieved in several fronts of cooperation,” he said, adding that Nigeria’s participation in Brazil’s food security initiatives signals meaningful progress. He also invited Nigeria to join COP30 in Belém, highlighting Brazil’s global role in the green economy.

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, described the dialogue as the dawn of a new era, grounded in decades of diplomatic friendship and growing people-to-people ties.

Other key ministers echoed calls for enhanced cooperation in defence and food security, pointing to the strategic dialogue as a credible path to peace, prosperity, and sustainable development.

Vice President Shettima urged both nations to move beyond ceremonial agreements and focus on tangible outcomes. “Let this Strategic Dialogue Mechanism not be remembered as a formal reunion, but as a decisive pivot—from aspiration to execution, from promise to proof,” he concluded.

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The high-level event drew ministers from trade, innovation, culture, power, health, livestock, and agriculture, along with several Nigerian state governors—demonstrating a whole-of-government commitment to the Green Imperative and broader Nigeria–Brazil ties.

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Economy

Cash Outside Nigerian Banks Rises to N4.92tn

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Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show

Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.

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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.

The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.

The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.

Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.

Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.

Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.

The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.

The reduction was reported as the largest cut in the benchmark rate since December 2006.

Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.

The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.

The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.

It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.

The rise in cash outside Nigerian banks formed part of the broader increase in money supply.

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However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.

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Obasanjo: Policy is meaningless without entrepreneurs like Wale Tinubu

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Obasanjo

Olusegun Obasanjo says government policies require entrepreneurs like Wale Tinubu to translate economic plans into investment, industrial growth and jobs (more…)

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Wale Tinubu Says Nigeria’s Creativity Can Drive Exports

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Wale Tinubu

Wale Tinubu says Nigeria’s creativity can become a major export industry, creating jobs, attracting foreign exchange and building sustainable businesses (more…)

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