The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding with UK-based Asset Green Ltd for the development of a $496 million dairy livestock production and processing project in Nigeria.
The agreement, signed in London ahead of an official state visit, sets out a framework for collaboration and project development leading to a formal shareholders’ agreement.
The initiative is aimed at transforming Nigeria’s dairy sector, strengthening food security, and expanding large-scale commercial agriculture.
The project is expected to be one of the most ambitious dairy investments in the country, combining 20,000 hectares of climate-smart crop and forage production with a 10,000-milking cow dairy operation.
It will also include a processing facility capable of producing fresh milk, milk powder, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
Once operational, the platform is projected to generate more than $620 million in annual revenue and create about 2,500 direct jobs and 5,000 indirect jobs nationwide.
It will also integrate up to 10,000 rural households into the supply chain through out-grower schemes.
British Deputy High Commissioner Jonny Baxter said the partnership reflects the long-standing economic cooperation between the United Kingdom and Nigeria, noting that earlier UK support contributed to the establishment and strengthening of NSIA.
NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, described the project as a transformative investment that will reduce reliance on imported dairy products, create jobs, and build a modern and competitive dairy industry.
Asset Green Ltd Director and Agrium Capital Ltd CEO, Rod Bassett, said the partnership represents a major opportunity to unlock Nigeria’s agricultural potential through large-scale investment and infrastructure development, while improving local production and strengthening food security.
Reporting By Chioma Ezike