By Abdullahi Lukman
The Nigeria Sovereign Investment Authority (NSIA) has signed a $496 million agreement with Asset Green Ltd to develop an integrated dairy production and processing platform aimed at strengthening Nigeria’s food security and reducing reliance on imports.
The Memorandum of Understanding (MoU), signed in London ahead of a state visit, establishes a framework for collaboration and is expected to lead to a formal shareholders’ agreement for the agri-industrial project.
The initiative will cover 20,000 hectares of climate-smart crop and forage production, alongside a 10,000-milking-cow dairy operation. It will also feature a modern 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 project is projected to generate more than $620 million in annual revenue, create about 2,500 direct jobs and 5,000 indirect jobs, and integrate up to 10,000 rural households into its supply chain through out-grower schemes.
Managing Director of NSIA, Aminu Umar-Sadiq, described the initiative as a major investment in Nigeria’s food and nutrition security, noting that it combines climate-smart agriculture, advanced processing and inclusive rural participation to build a competitive dairy sector.
Director of Asset Green Ltd and CEO of Agrium
Capital Ltd, Rod Bassett, said the project would unlock Nigeria’s agricultural potential through innovation and infrastructure, while reducing dependence on dairy imports and supporting environmental sustainability.
Also speaking, British Deputy High Commissioner to Nigeria, Jonny Baxter, said the partnership reflects longstanding economic cooperation between the United Kingdom and Nigeria, noting that earlier UK support helped establish NSIA and strengthen its governance.
The agreement marks a significant step in Nigeria’s efforts to expand domestic agricultural production, modernise farming practices and attract large-scale private sector investment into the agribusiness value chain.
