The Nigeria Sovereign Investment Authority (NSIA) has signed a memorandum of understanding (MoU) with Asset Green Limited to develop an integrated dairy production platform in the West African nation.
Asset Green Ltd is a UK‑based private investment group,
focused on large‑scale, commercially viable agricultural and food‑processing
platforms across emerging markets via its agri-food investment platform Agrium
Capital Ltd.
The agreement was signed on Tuesday in London ahead of
President Bola Tinubu’s state visit to the United Kingdom (UK), according to a
statement on Wednesday from the British high commission in Nigeria.
The commission said the project would transform Nigeria’s
dairy sector and strengthen national food security.
The commission said the MoU provides a framework for
collaboration and project development, which will culminate in a formal
shareholders’ agreement.
The initiative is said to be ranked among Nigeria’s most
ambitious dairy investments, combining 20,000 hectares of climate-smart forage
production with a 10,000-milking cow operation.
The project is also expected to include a processing
facility to produce fresh milk, milk powder, butter, cream, and up to 15,000
metric tonnes of infant formula annually.
“Designed to reduce Nigeria’s reliance on imported milk
powder, the project will modernise agricultural practices, improve nutrition,
and integrate up to 10,000 rural households into the supply chain through
inclusive out‑grower schemes,” the statement
reads.
“Once operational, the platform is expected to generate over
US$620 million annually and create 2,500 direct and 5,000 indirect jobs
nationwide.”
Jonny Baxter, British deputy high commissioner to Nigeria,
said the partnership reflects enduring economic ties between Nigeria and the
UK.
Baxter noted that the UK supported the establishment of the
NSIA more than a decade ago by providing legal and financial expertise that
strengthened its governance.
“That early investment has paid dividends, helping build a
resilient institution capable of driving long-term development,” he said.
The envoy described the NSIA-Asset Green collaboration as a
“full-circle moment” in bilateral relations and a signal of shared commitment
to sustainable growth.
Also speaking on the deal, Aminu Umar-Sadiq, the managing
director and chief executive officer (CEO) of NSIA, said the project is a
transformative investment valued at nearly $500 million.
“By combining climate-smart farming, advanced processing and
inclusive out-grower participation, we are building a modern, competitive dairy
sector,” he said.
“This will reduce import dependence, create jobs and deliver
long-term value for Nigerians.”
Also commenting, Rod Bassett, director at Asset Green, said
the partnership would unlock Nigeria’s agricultural potential.
Bassett, who is also chief executive officer of Agrium
Capital Ltd., said the greenfield investment would develop infrastructure,
boost local production, and cut import dependence.
He added that the project would support environmental
sustainability while strengthening food sovereignty and nutritional resilience.
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