Nigeria and Brazil ink $1 billion deal to transform agriculture sector
Nigeria and Brazil have signed a $1 billion agreement aimed at boosting agriculture, food security, energy, and defence in Nigeria, according to Vice President Kashim Shettima.
Nigeria and Brazil have signed a $1 billion agreement to enhance agriculture, energy, and defense in Nigeria.
The partnership includes deploying mechanized farming equipment and establishing service centers across Nigeria.
This initiative aims to transition Nigeria's agriculture sector from subsistence-based to large-scale farming.
Nigeria and Brazil have signed a $1 billion agreement aimed at boosting agriculture, food security, energy, and defence in Nigeria, according to Vice President Kashim Shettima.
Speaking on Tuesday during the opening session of the 2nd Nigeria–Brazil Strategic Dialogue Mechanism (SDM) at the Presidential Villa, Abuja, he said the partnership will see both countries deploy over $1 billion to provide mechanised farming equipment, training, and service centres across Nigeria.
'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, ' the Nigerian Vice President noted.
The move is part of a broader push to transform Nigeria's largely subsistence-based agriculture sector. Despite its vast arable land, Nigeria still relies heavily on food imports to feed its population of over 200 million.
'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,'
'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 said.
The agreements were signed in Abuja during the official visit of Brazil's Vice President, Geraldo Alckmin, to Africa's most populous country.
The Vice President explained that Nigeria is laying the foundation for a one trillion-dollar economy by 2030, with reforms spanning agriculture, energy, education, and public finance.
Brazil's Vice President, Geraldo Alckmin, emphasized that the growing partnership between Brazil and Nigeria is built on mutual values and focuses on delivering real, impactful results. 'It's a great pleasure to see the significant progress we've made across multiple areas of cooperation,' he stated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 hours ago
- Business Insider
How Dangote's 4,000 CNG trucks could reshape fuel supply in Nigeria
On August 15, Dangote Refinery will send out a fleet of 4,000 Compressed Natural Gas tanker trucks. With over 100 new CNG refuelling hubs, the idea is to deliver petrol and diesel straight from the refinery to retailers, manufacturers, telecoms, and airports. But this isn't just a publicity stunt. It's a smart move designed to cut costs and change fuel logistics in Nigeria. Dangote Refinery plans to deploy 4,000 CNG tanker trucks starting August 15. CNG truck implementation is anticipated to cut logistics expenses and stabilize fuel prices. While concerns about monopolization persist, supporters believe market efficiency will benefit consumers. What's driving this Dangote's refinery is running at about 85 per cent of its 650,000-barrels-per-day capacity, making it one of the world's largest single-train facilities. That size matters. A larger operation means a lower cost per barrel. Now, introduce CNG trucks, which are roughly 40 per cent cheaper to run than standard diesel tankers. When you combine those two, you eliminate a significant portion of the usual logistics markup that is factored into pump prices. Nigeria's downstream sector has been deregulated for years. Prices respond to global crude oil prices, exchange rates, and transportation costs. By taking control of the whole chain from refinery to delivery, Dangote can potentially pass on savings directly to customers and bulk buyers. Some voice worries about it being a monopoly. But there are now nine modular refineries in operation alongside the national NNPC. And registration is open to new entrants. Dangote is smart about using vertical integration to stay competitive, rather than shutting others out. Why it matters now Oil prices have been volatile. Brent crude has jumped from around $64 to $77 a barrel due to rising tensions in the Middle East. And Goldman Sachs warned that it could climb to $100 to $110 if things worsen in the Strait of Hormuz. Usually, that would drive up prices for Nigerian consumers. Dangote's logistics buffer could help prevent pump prices from spiking past ₦1,000 per litre. Although full details haven't been made public, sources indicate that early deployment will prioritise major commercial hubs, such as Lagos, Abuja, Port Harcourt, Kano, and Onitsha. The 100+ CNG refuelling stations are expected to roll out in stages, starting alongside the truck deployment in August and continuing through early 2026. This infrastructure will be critical. Without a strong network of refuelling hubs, truck efficiency could be hampered. However, Dangote's investment reportedly falls within the $250–280 million range for trucks and stations, showing a serious commitment to making it work. What people are saying The reaction from independent fuel marketers has been mixed. While some see opportunity in cheaper supply, others feel threatened. PETROAN (Petroleum Products Retail Outlets Owners Association of Nigeria) has warned that the direct delivery model may 'wipe out' smaller players who rely on older, more costly supply chains. Many worry about job losses, increased consolidation, and an eventual squeeze on competition. Yet, Dangote's supporters argue that he's simply making the system more efficient. 'If other players can't compete, that's not his fault,' one industry observer told us. 'This is what deregulation is supposed to look like.' So far, the federal government has not issued a formal response to Dangote's CNG rollout. However, there's speculation that regulators may need to intervene if competition concerns escalate. They could establish new guidelines for downstream market conduct or offer incentives to assist other players in transitioning to CNG. There's also an expectation that the government may publicly endorse the environmental angle, since reducing diesel reliance aligns with Nigeria's climate goals. What it all boils down to For you at the pump: Expect more stable or possibly lower prices, despite global oil volatility. For factories and telecoms, fuel is a significant portion of their energy budget. Cutting delivery costs frees up resources for lower production costs. For smaller fuel players: They'll need to innovate, partner up, or risk being squeezed out. For the economy: lower fuel costs could translate to increased production, higher employment, and additional tax revenue for government coffers. Final takeaway Dangote is using its scale and control over transportation to beat inefficiencies. He knows that if logistics costs decrease at the pump, his market share and profits will increase. The big test starts August 15. Will consumers see the savings on their receipts? Will rural areas get the same fuel price as Lagos? And can smaller operators find a way to keep up?
Business Insider
10 hours ago
- Business Insider
Nigeria and Brazil ink $1 billion deal to transform agriculture sector
Nigeria and Brazil have signed a $1 billion agreement aimed at boosting agriculture, food security, energy, and defence in Nigeria, according to Vice President Kashim Shettima. Nigeria and Brazil have signed a $1 billion agreement to enhance agriculture, energy, and defense in Nigeria. The partnership includes deploying mechanized farming equipment and establishing service centers across Nigeria. This initiative aims to transition Nigeria's agriculture sector from subsistence-based to large-scale farming. Nigeria and Brazil have signed a $1 billion agreement aimed at boosting agriculture, food security, energy, and defence in Nigeria, according to Vice President Kashim Shettima. Speaking on Tuesday during the opening session of the 2nd Nigeria–Brazil Strategic Dialogue Mechanism (SDM) at the Presidential Villa, Abuja, he said the partnership will see both countries deploy over $1 billion to provide mechanised farming equipment, training, and service centres across Nigeria. '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, ' the Nigerian Vice President noted. The move is part of a broader push to transform Nigeria's largely subsistence-based agriculture sector. Despite its vast arable land, Nigeria still relies heavily on food imports to feed its population of over 200 million. '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,' '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 said. The agreements were signed in Abuja during the official visit of Brazil's Vice President, Geraldo Alckmin, to Africa's most populous country. The Vice President explained that Nigeria is laying the foundation for a one trillion-dollar economy by 2030, with reforms spanning agriculture, energy, education, and public finance. Brazil's Vice President, Geraldo Alckmin, emphasized that the growing partnership between Brazil and Nigeria is built on mutual values and focuses on delivering real, impactful results. 'It's a great pleasure to see the significant progress we've made across multiple areas of cooperation,' he stated.
Business Upturn
2 days ago
- Business Upturn
Jushi and Real Housewives Star Stacey Rusch Celebrate Successful Launch of Lifestyle Cannabis Brand ‘Shayo'
(Photo credit: Andreas Neumann) BOCA RATON, Fla., June 23, 2025 (GLOBE NEWSWIRE) — Jushi Holdings Inc. ('Jushi' or the 'Company') (CSE: JUSH) (OTCQX: JUSHF) has partnered with entrepreneur, philanthropist, and Real Housewives of Potomac star Stacey Rusch on a new cannabis-infused wellness brand, Shayo . Shayo, named after the Nigerian term meaning 'to be happy,' blends elevated ingredients with a lifestyle-forward ethos to deliver a one-of-a-kind edible experience to Virginia's medical cannabis market. More information about Shayo products is available HERE . 'Shayo is about joy, rhythm, and living life fully,' says Rusch. 'I'm so proud to bring this brand to my home state and help people discover a delicious new path to wellness.' Two distinct rosin-infused fruit chews are now available, each designed with a target cannabinoid profile and thoughtful flavor pairing. Set your intention for the day with Rise (Blood Orange Pomegranate), in which bright citrus and tart pomegranate intertwine, giving you a complex flavor that is grounded and strikes a remarkable balance. Rise showcases a unique 1:2 ratio of THC:CBG. Manifest your perfect dreamscape with Rest (Berry Vanilla), in which red and dark berry flavors fold into soft and floral vanilla tones that are ideal to wrap up any day. The 1:2 ratio of THC:CBN helps your body let go of what no longer serves. Both varieties are vegan, gluten-free, non-GMO, and made with natural fruit purées, offering a premium edible that's as functional as it is flavorful. 'Shayo's early success has exceeded our expectations, and we're proud to be partnering with Stacey on such a standout brand,' says Jim Cacioppo, Chief Executive Officer, Chairman, and Founder of Jushi Holdings Inc. Shayo products are currently available at all six Beyond Hello locations in Virginia, and soon at additional dispensaries across the Commonwealth. About Stacey Rusch Stacey Rusch is an entrepreneur, philanthropist, and personality. With a career spanning media, she turned to star on Bravo's The Real Housewives of Potomac , making her debut in Season 9, instantly becoming a fan favorite and capturing the hearts of the Bravosphere and beyond. A Detroit native, she now resides in Virginia with her daughter. About Jushi Holdings Inc. We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit or our social media channels, Instagram, Facebook, X and LinkedIn. Forward-Looking Information and Statements This press release may contain 'forward-looking statements' and 'forward‐looking information' within the meaning of applicable securities laws, including Canadian securities legislation and United States ('U.S.') securities legislation (collectively, 'forward-looking information') which are based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. All information, other than statements of historical facts, included in this report that address activities, events or developments that Jushi expects or anticipates will or may occur in the future constitutes forward‐looking information. Forward‐looking information is often identified by the words, 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions and includes, among others, information regarding: future business strategy, competitive strengths, goals, expansion and growth of Jushi's business, operations and plans, including new revenue streams; roll out of new operations; the implementation by Jushi of certain product lines; implementation of certain research and development; the application for additional licenses and the grant of licenses that will be or have been applied for; the expansion or construction of certain facilities; the reduction in the number of our employees; the expansion into additional U.S. markets; any potential future legalization of adult use and/or medical marijuana under U.S. federal law; the expectation of repayment of debt to de-lever our balance sheet; expectations of market size and growth in the U.S. and the states in which Jushi operates; expectations for other economic, business, regulatory and/or competitive factors related to Jushi or the cannabis industry generally; and other events or conditions that may occur in the future. Readers are cautioned that forward‐looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of the management of the Company at the time they were provided or made and such information involves known and unknown risks, uncertainties, including our ability to continue as a going concern, and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking information. Such factors include, among others: risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti‐money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to the economy generally; risks related to inflation, the rising cost of capital, and stock market instability; risks relating to pandemics and forces of nature; risks related to contracts with third party service providers; risks related to the enforceability of contracts; the limited operating history of Jushi; Jushi's history of operating losses and negative operating cash flows; reliance on the expertise and judgment of senior management of Jushi; risks inherent in an agricultural business; risks related to co‐investment with parties with different interests to the Company; risks related to proprietary intellectual property and potential infringement by third parties; risks relating to the management of growth; costs associated with Jushi being a publicly-traded company and a U.S. and Canadian filer; increasing competition in the industry; risks associated with cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; reliance on manufacturers and contractors; risks of supply shortages or supply chain disruptions; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcing judgments and effecting service outside of Canada; risks related to completed, pending or future acquisitions or dispositions, including potential future impairment of goodwill or intangibles acquired and/or post-closing disputes; sales of a significant amount of shares by existing shareholders; the limited market for securities of the Company; risks related to the continued performance of existing operations in California, Illinois, Massachusetts, Nevada, Ohio, Pennsylvania, and Virginia; risks related to the anticipated openings of additional dispensaries or relocation of existing dispensaries; risks relating to the expansion and optimization of the cultivation and/or processing facilities in Massachusetts, Nevada, Ohio, Pennsylvania and Virginia; risks related to opening new facilities, which is subject to licensing approval; limited research and data relating to cannabis; risks related to challenges from governmental authorities with respect to the Company's tax credits; and risks related to the Company's critical accounting policies and estimates. Refer to Part I – Item 1A. Risk Factors in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 6, 2025 for more information. Although Jushi has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward‐looking information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on the forward‐looking information contained in this press release or other forward-looking statements made by Jushi. Forward‐looking information is provided and made as of the date of this press release and Jushi does not undertake any obligation to revise or update any forward‐looking information or statements other than as required by applicable law. Unless the context requires otherwise, references in this press release to 'Jushi,' 'Company,' 'we,' 'us' and 'our' refer to Jushi Holdings Inc. and our subsidiaries. For further information, please contact: Jushi Investor Relations561-617-9100 [email protected]
