NSIA seals $500 million partnership with UK investor to boost Nigeria’s dairy industry
The Nigeria Sovereign Investment Authority (NSIA) has entered into a $500 million partnership with UK-based investment firm Asset Green Limited to establish a large-scale, integrated dairy production project aimed at transforming Nigeria’s dairy value chain.
The agreement, formalised through a Memorandum of Understanding (MoU), was signed in London on Tuesday ahead of President Bola Tinubu’s official visit to the United Kingdom, according to a statement released by the British High Commission in Nigeria.
Asset Green Limited, a private investment company focused on agriculture and food processing in emerging markets, is executing the investment through its agri-food platform, Agrium Capital Limited.
According to the statement, the project is expected to significantly strengthen Nigeria’s food security while reducing the country’s heavy dependence on imported dairy products.
The initiative will involve the development of about 20,000 hectares of climate-smart pasture for livestock feeding alongside a dairy farm with about 10,000 milking cows. Plans also include the construction of a modern processing facility that will manufacture a range of dairy products such as fresh milk, butter, cream, milk powder, and up to 15,000 metric tonnes of infant formula annually.
The project is also designed to support rural livelihoods by integrating as many as 10,000 households into its supply chain through out-grower programmes.
When fully operational, the platform is projected to generate more than $620 million in annual revenue while creating approximately 2,500 direct jobs and an additional 5,000 indirect employment opportunities.
Jonny Baxter, the British Deputy High Commissioner to Nigeria, described the agreement as a reflection of the long-standing economic relationship between both countries.
