The Nigeria Sovereign Investment Authority, NSIA, has formalized a partnership with UK‑based Asset Green Ltd through a Memorandum of Understanding, MoU, aimed at establishing a large-scale integrated dairy livestock production and processing platform worth $500 million.
This initiative is set to transform Nigeria’s dairy sector and bolster national food security.
The MoU, signed on Tuesday, March 17, in London ahead of President Bola Tinubu’s state visit, defines the framework for collaboration and outlines the project development cost commitments ahead of the formal shareholders’ agreement.
This project is one of the largest integrated dairy investments ever pursued in Nigeria.
It will merge 20,000 hectares of climate-smart, regenerative crop and forage farming with a modern dairy operation housing 10,000 milking cows.
The operation will be complemented by a state-of-the-art processing plant capable of producing fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
Designed to decrease Nigeria’s reliance on imported milk powder, the project aims to modernize agricultural practices, enhance nutrition, and incorporate up to 10,000 rural households into the supply chain through inclusive out‑grower schemes.
Once operational, the platform is projected to generate over $620 million in annual revenue and create 2,500 direct and 5,000 indirect jobs across the country.
“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 strengthen 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,” British deputy high commissioner Jonny Baxter said.
“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,” Baxter added.
NSIA managing director and CEO Aminu Umar‑Sadiq emphasized that the initiative will establish a modern, competitive dairy sector, reduce import dependence, and create long-term value for Nigerians.
“NSIA is pleased to partner with Asset Green on this transformative investment. With a project size of almost US$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,” Umar‑Sadiq stated.
Asset Green Ltd Director and Agrium Capital Ltd CEO Rod Bassett also highlighted the significance of the partnership.
“We are incredibly proud to partner with Nigeria’s premier investment institution. 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 US$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,” Bassett added.
The MoU was signed during President Bola Tinubu’s two-day state visit to the United Kingdom, where he and his wife were received by King Charles III and Queen Camilla and welcomed with a 42-gun salute by the King’s Troop Royal Horse Artillery.
The visit aims to deepen bilateral relations and explore cooperation in areas such as immigration, trade, investment, and cultural exchange.
President Tinubu is also scheduled to hold a bilateral meeting with Prime Minister Keir Starmer at 10 Downing Street, paving the way for expanded engagement between senior officials of both countries.
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