Brazilian meat-processing giant JBS announced its plans to invest $2.5 billion in Nigeria over the next five years. The agreement, formalized through a memorandum of understanding with the Nigerian government, includes the construction of six factories: three for poultry, two for cattle, and one for pork.
Key Objectives and Commitments
The investment plan involves:
- Feasibility Studies: Analyzing the economic and technical viability of the project.
- Preliminary Facility Designs: Drafting plans for the construction of the factories.
- Budget and Supply Chain Development: Outlining funding requirements and strategies for local supply chain support.
The Nigerian government will ensure favorable economic, sanitary, and regulatory conditions to facilitate the implementation of the project.
“Our aim is to establish a strong partnership and assist Nigeria in addressing food insecurity. The development of a sustainable food production chain generates significant socio-economic benefits, especially for vulnerable populations,” said Gilberto Tomazoni, Global CEO of JBS.
Impact on Food Security and Local Economy
JBS aims to support small-scale producers and promote sustainable agricultural practices as part of its investment strategy.
Nigeria, Africa’s largest economy and most populous country, faces stark challenges in food security, with 24.8 million people experiencing hunger. Currently, domestic protein production accounts for only 40% of the country’s demand and contributes to 10% of its GDP.
Despite these challenges, Nigeria’s economic prospects are promising, with its GDP—currently at $363.82 billion—expected to surpass $1 trillion by 2050.
A Step Toward Addressing Food Insecurity
This initiative marks a significant step in tackling food insecurity in Nigeria while fostering socio-economic growth in a country with one of the highest population growth rates globally. If successful, the project could set a model for partnerships between multinational companies and emerging economies.
