The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding (MoU) with UK-based Asset Green Ltd for the development of a $496 million integrated dairy livestock production and processing platform aimed at transforming Nigeria’s dairy sector and strengthening food security.

The agreement, signed in London ahead of a state visit, outlines a framework for collaboration and project development commitments, leading to a formal shareholders’ agreement.

The agri-industrial project is expected to significantly reduce Nigeria’s dependence on imported dairy products while modernising farming practices and expanding domestic production capacity.

According to details of the initiative, the project will span 20,000 hectares of climate-smart, regenerative crop and forage production, alongside a 10,000-milking-cow dairy operation.

It will also include a state-of-the-art processing facility capable of producing fresh milk, butter, cream, milk powder, and up to 15,000 metric tonnes of infant formula annually.

Once operational, the platform is projected to generate over $620 million in annual revenue, while creating approximately 2,500 direct jobs and 5,000 indirect jobs across the country. It is also designed to integrate up to 10,000 rural households into its supply chain through inclusive out-grower schemes.

British Deputy High Commissioner to Nigeria, Jonny Baxter, described the partnership as a testament to longstanding economic cooperation between both countries.

“Over a decade ago, the UK supported Nigeria in establishing the NSIA, providing legal and financial expertise that strengthened its governance and credibility. This partnership reflects the long-term impact of that collaboration and our shared commitment to sustainable, private sector-led growth,” he said.

NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the project represents one of the most significant investments in Nigeria’s food and nutrition security in recent years.

“By combining climate-smart agriculture, advanced processing, and inclusive participation of rural farmers, we are building a competitive dairy sector that reduces import dependence, creates jobs, and delivers long-term value for Nigerians,” he stated.

On his part, Director of Asset Green Ltd and CEO of Agrium Capital Ltd, Rod Bassett, said the investment would unlock the potential of Nigeria’s agricultural sector through innovation and infrastructure development.

He added that the greenfield project would strengthen local production, reduce heavy reliance on dairy imports, and support environmental sustainability while enhancing national food sovereignty.

The deal marks a major step in Nigeria’s drive to boost domestic agricultural production and attract large-scale private sector investment into the agribusiness value chain.

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