The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding with UK-based Asset Green Ltd. to develop an integrated dairy production platform.
British Deputy High Commissioner to Nigeria, Jonny Baxter, said in a statement on Wednesday the project would transform Nigeria’s dairy sector and strengthen national food security.
Baxter said the agreement was signed in London ahead of President Bola Tinubu’s state visit.
He said the MoU outlined a framework for collaboration and project development, leading to a formal shareholders’ agreement.
According to him, the initiative is among Nigeria’s most ambitious dairy investments, combining 20,000 hectares of climate-smart forage production with a 10,000-milking cow operation.
“It will also include a processing facility producing fresh milk, milk powder, butter, cream and up to 15,000 metric tonnes of infant formula annually.
“The project will reduce reliance on imports, modernise agriculture and improve nutrition, while integrating up to 10,000 rural households through out-grower schemes.
“Once operational, it is projected to generate over $620 million annually and create about 2,500 direct and 5,000 indirect jobs,” he said.
Baxter said the partnership reflected enduring economic ties between Nigeria and the United Kingdom.
He noted that the UK had supported the establishment of the NSIA over a decade ago, 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.
Baxter described the NSIA-Asset Green collaboration as a “full-circle moment” in bilateral relations and a sign of shared commitment to sustainable growth.
NSIA Managing Director, Aminu Umar-Sadiq, described the project as 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.
“This will reduce import dependence, create jobs and deliver long-term value for Nigerians,” Umar-Sadiq said.
Asset Green Director, Rod Bassett, said the partnership would unlock Nigeria’s agricultural potential.
Bassett, also Chief Executive Officer of Agrium Capital Ltd., said the greenfield investment would develop infrastructure, boost local production and cut import dependence.
