FG, Brazil meat processing firm sign deal to invest in Nigeria’s $2.5bn livestock sector

The federal government has signed a letter of intent with the JBS S.A, a top global meat processing company, for investment in Nigeria’s $2.5 billion livestock sector.

According to a statement by Bayo Onanuga, presidential spokesperson, President Bola Tinubu witnessed the signing ceremony on November 21, in Rio de Janeiro, Brazil.

Speaking at the event, Tinubu said his administration’s focus to boost investments into the livestock sector will address farmer-herder conflicts, eradicate hunger, and poverty, and promote economic prosperity.

“What we are doing right now is that we are solving a problem that afflicted humanity in that part of Africa, clashes between farmers and migrating cows that have caused some life and bloodshed when there is a modern, civilized way to solve those problems and even bring a successful economy out of it,” he said.

“We are trying to turn a situation of tragedy, hopelessness into economic opportunity, see through problems and see the opportunity that is involved in it.”

Given JBS S.A’s internationally renowned competence in ensuring food security, Tinubu urged the company to identify the significant potential in Nigeria’s “$2.5 billion livestock investment opportunities”, particularly given its large population.

“We’ve heard so much about you in terms of the reputation, and we believe in the partnership we are forging today,” Tinubu said.

“Food security is extremely important. As we talk right now, there is hunger. However, there is huge hope. And you are one of those hopes that we are looking at.”

The president told the company’s top executives that Nigeria is ready to do business with them, assuring a positive return on their investment.

In his remarks, Idi Mahia, minister of livestock development, who led the delegation, told the president that the team conducted a comprehensive tour of global companies, showcasing their scale, integrated operations, and advanced technology deployment.

He added that from their interactions with various companies, JBS S.A. was selected, being the second largest meat processing company in the world, with the capacity to process 33,000 cattle daily and over eight million birds daily, using advanced zero-waste practices.

Wesley Batista, founder and president of the JBS Group, said the company is Brazil’s largest employer of workers, generating over $79 billion in revenue already in 2024.

“We are glad to work with Nigeria to work together to develop the livestock industry there. We think it’s a good opportunity for our business in Nigeria and Africa as we believe Nigeria can be the center of supply of protein to many countries in Africa,” he said.

Batista said the company hopes to be in Nigeria as soon as possible.