NSIA partners UK’s Asset Green Ltd to launch $496m integrated dairy project in Nigeria

…Ambitious agri-industrial investment aims to boost food security, modernise farming, and expand national dairy production

THE Nigeria Sovereign Investment Authority (NSIA) has formalised a partnership with UK-based Asset Green Ltd through the signing of a Memorandum of Understanding (MoU) to develop a large-scale integrated dairy livestock production and processing platform in Nigeria. The project, valued at nearly $500 million, is designed to transform the country’s dairy sector, enhance food security, and strengthen commercial agriculture, a statement by the British High Commission, released on Wednesday, said.

The MoU, signed on Tuesday in London ahead of President Bola Tinubu’s state visit, establishes the framework for collaboration and outlines financial commitments leading to the formal shareholders’ agreement.

The investment represents one of the most ambitious integrated dairy projects in Nigeria’s history. It combines 20,000 hectares of climate-smart, regenerative crop and forage production with a 10,000-cow modern dairy operation. A state-of-the-art processing facility will produce fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually, helping reduce Nigeria’s dependence on imported milk powder.

The project also incorporates inclusive out-grower schemes, integrating up to 10,000 rural households into the supply chain. Once operational, the platform is expected to generate over $620 million annually and create 2,500 direct and 5,000 indirect jobs nationwide.

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According to British Deputy High Commissioner, Mr Jonny Baxter, “Over a decade ago, the UK provided key support in establishing NSIA, offering legal and financial expertise that helped build a resilient institution capable of driving long-term development and job creation. The NSIA-Asset Green partnership is a powerful example of that early investment continuing to deliver transformative impact, reflecting the ongoing economic cooperation between the UK and Nigeria and a shared commitment to sustainable, private-sector-led growth.”

NSIA Managing Director & CEO, Mr Aminu Umar-Sadiq, said NSIA is proud to partner with Asset Green on this transformative initiative. “With a project of nearly US$500 million, we are strengthening Nigeria’s food and nutrition security while modernizing agricultural practices. By combining advanced processing technology, climate-smart farming, and inclusive out-grower participation, we are building a competitive dairy sector that reduces import dependence, creates meaningful jobs, and delivers lasting value for Nigerians.”

Asset Green Ltd Director & Agrium Capital Ltd CEO, Mr Rod Bassett, noted the partnership exemplifies the investment innovation needed to unlock the potential of Nigeria’s agricultural sector. “Our collaborative approach with NSIA will establish a national platform that catalyzes the development of a strategic, future-focused dairy industry. This US$500 million greenfield investment will enhance local production, reduce imports, deliver environmental benefits, and strengthen national food sovereignty and nutritional resilience.”

The NSIA is Nigeria’s sovereign wealth fund, established under the NSIA Act (2011) to manage surplus oil revenue savings on behalf of the Federation. NSIA focuses on infrastructure, stabilisation, and long-term savings to drive sustainable economic impact. 

Similarly, Asset Green Ltd is a UK-based strategic 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. https://www.assetgreen.com/⁠�

This partnership reflects years of UK-Nigeria collaboration. Early technical assistance, including support from the DFID-funded Policy Development Facility, helped establish NSIA in 2011, providing long-term legal and financial advisory support that strengthened the Authority’s governance and operational capacity.