The Nigeria Sovereign Investment Authority (NSIA) has entered into a Memorandum of Understanding with UK-based Asset Green Ltd to develop a $496 million integrated dairy livestock production and processing project aimed at reducing Nigeria’s dependence on imported milk and boosting food security.
The agreement, signed in London, provides a framework for collaboration and outlines commitments for the project’s development phase ahead of a formal shareholders’ agreement.
A statement by the British High Commission in Nigeria, signed by Senior Press and Public Affairs Officer Ndidiamaka Eze, noted that the large-scale initiative will integrate 20,000 hectares of climate-smart, regenerative crop and forage production with a 10,000-milking-cow dairy operation. It will also feature a processing facility capable of producing fresh milk, milk powder, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
When operational, the project is expected to generate over $620 million in annual revenue and create about 2,500 direct and 5,000 indirect jobs across the country. It is also designed to incorporate up to 10,000 rural households into its supply chain through out-grower schemes.
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The British Deputy High Commissioner in Nigeria, Jonny Baxter, said the partnership underscores the long-standing economic ties between the United Kingdom and Nigeria, adding that previous UK support contributed to establishing NSIA as a credible investment institution.
“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 agreement marks “a full-circle moment” in bilateral relations and underscores a shared commitment to sustainable, private sector-led growth, Baxter. said.
Nigeria Sovereign Investment Authority (NSIA) Managing Director and Chief Executive Officer Aminu Umar-Sadiq described the project as one of the most ambitious efforts in a generation to strengthen Nigeria’s food and nutrition security.
“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.
Also speaking, Asset Green Ltd Director and Agrium Capital Ltd CEO Rod Bassett said the investment represents a strategic effort to unlock the potential of Nigeria’s agricultural sector through large-scale infrastructure and innovation.
“This $500 million greenfield investment allows for the development of advanced and necessary infrastructure spanning the full production and supply system to enhance local production, reduce reliance on imports, deliver environmental services and strengthen national food sovereignty,” Bassett said.
The project underscores growing commercial ties between Nigeria and the UK and builds on years of technical and financial cooperation that supported the establishment of the NSIA in 2011.