The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding (MoU) with UK-based Asset Green Ltd to develop a $496 million integrated dairy livestock production and processing platform aimed at boosting Nigeria’s food security and reducing dependence on imports.
The agreement was signed in London ahead of President Bola Tinubu’s ongoing state visit, outlining a framework for collaboration and project development commitments leading to a formal shareholders’ agreement.
Described as one of the most ambitious dairy investments in Nigeria, a statement on Wednesday, explained that the project would combine 20,000 hectares of climate-smart and regenerative crop and forage production with a modern 10,000-milking cow dairy operation.
It would also feature a state-of-the-art processing facility capable of producing fresh milk, milk powder, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
The initiative is expected to significantly reduce Nigeria’s reliance on imported milk powder, modernise agricultural practices, and improve nutrition outcomes. It will also integrate up to 10,000 rural households into the value chain through out-grower schemes.
Once operational, the platform is projected to generate over $620 million annually and create about 2,500 direct jobs and 5,000 indirect jobs nationwide.
British Deputy High Commissioner, Jonny Baxter, said the partnership reflects the long-standing economic ties between both countries.
“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,” he said.
NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, described the deal as a landmark investment in the country’s agricultural future.
“NSIA is pleased to partner with Asset Green on this transformative investment. With a project size of almost $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,” he said.
Director at Asset Green and CEO of Agrium Capital Ltd, Rod Bassett, said the investment would unlock the potential of Nigeria’s agricultural sector.
“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 development of greenfield projects has consistently played a major role in our history, establishing industries or nurturing young businesses that are able to deliver catalytic transformation. This $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,” he said.
Sunday Ehigiator
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