NSIA, UK Firm Sign MoU for $496m Dairy Production Project

The Nigeria Sovereign Investment Authority has signed a Memorandum of Understanding with UK-based Asset Green Limited to develop a large-scale dairy livestock production and processing platform in Nigeria.

The agreement was signed in London ahead of President Bola Tinubu’s state visit to the United Kingdom.

The MoU outlines the framework for collaboration and project development commitments leading to a formal shareholders’ agreement.

The project will combine 20,000 hectares of crop and forage production with a dairy operation of 10,000 milking cows and a processing plant for milk and dairy products.

The processing facility is expected to produce fresh milk, milk powder, butter, cream and up to 15,000 metric tonnes of infant formula annually.

According to the partners, the project is designed to reduce Nigeria’s dependence on imported milk powder and integrate up to 10,000 rural households through out-grower schemes.

Once operational, the platform is projected to generate more than 620 million dollars annually and create about 2,500 direct and 5,000 indirect jobs.

Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq, said the project will support food and nutrition security while expanding local dairy production.