The Nigeria Sovereign Investment Authority (NSIA) has signed a landmark Memorandum of Understanding with UK-based Asset Green Ltd to develop a US$496 million integrated dairy livestock production and processing platform, a project set to modernize Nigeria’s dairy sector, boost food security, and create thousands of jobs.
The MoU, signed in London ahead of the State Visit, laid out the framework for collaboration and project development, paving the way for a formal shareholders’ agreement.
The initiative, one of the largest integrated dairy investments ever undertaken in Nigeria, will combine 20,000 hectares of climate-smart, regenerative crop and forage production with a 10,000-milking-cow dairy operation and a state-of-the-art processing plant capable of producing fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
Designed to reduce Nigeria’s reliance on imported milk powder, the platform will integrate up to 10,000 rural households into the supply chain through inclusive out-grower schemes and is projected to generate over US$620 million annually, while creating approximately 2,500 direct and 5,000 indirect jobs nationwide.
British Deputy High Commissioner Jonny Baxter praised the partnership, noting, “Over a decade ago, the UK provided pivotal support to Nigeria in establishing the NSIA, offering legal and financial expertise that helped lay the foundation for its successful launch and strengthening its governance and credibility.
“That early institutional investment has paid dividends, helping to build a resilient Nigerian institution capable of creating jobs and driving transformational, long-term development.
“The NSIA and Asset Green partnership is a powerful example of how that groundwork continues to deliver impact—a full-circle moment that reflects the long-term economic cooperation between the UK and Nigeria and the shared commitment to deepening sustainable, private-sector-driven growth.”
NSIA Managing Director & CEO Aminu Umar-Sadiq described the project as transformative, saying, “NSIA is pleased to partner with Asset Green on this transformative investment.
“With a project size of almost US$500 million, this is one of the most ambitious initiatives aimed at strengthening Nigeria’s food and nutrition security in a generation.
“By combining climate-smart farming, advanced processing capacity, and inclusive out-grower participation, we are laying the foundation for a modern, competitive dairy sector that reduces import dependence, creates meaningful jobs, and delivers long-term value for Nigerians.”
Asset Green Ltd Director and Agrium Capital Ltd CEO Rod Bassett emphasized the strategic importance of the investment, noting, “This partnership between NSIA and Asset Green is the business and investment innovation required to unlock the potential of the agriculture sector in Nigeria, with the development of such a future (dairy) food system.
“The foundation of the approach is one of collaborating with NSIA and their shared vision and purpose to establish a platform to catalyse the development of such a national strategic priority.
“We are incredibly proud to partner with Nigeria’s premier investment institution.
“The development of greenfield projects have consistently played a major role in our history, establishing industries or nurturing young businesses that are able to deliver catalytic transformation.
“This US$500 million greenfield investment in Nigeria’s dairy industry allows for the development of advanced and necessary infrastructure spanning the full production and supply system to enhance local production, reduce the reliance on the huge imports of dairy goods into Nigeria, deliver environmental services, and strengthen national food sovereignty and nutritional resilience.”
The partnership signals a major milestone in Nigeria’s agricultural modernization, leveraging private-sector investment, inclusive farming practices, and advanced processing to create a resilient, competitive dairy industry while strengthening national food and nutrition security.
(vitalnewsngr.com)
