The Nigerian federal government has signed a letter of intent with JBS S.A., a leading global meat processing company, to invest in Nigeria’s $2.5 billion livestock sector.
According to a statement by Bayo Onanuga, the presidential spokesperson, President Bola Tinubu witnessed the signing ceremony on November 21 in Rio de Janeiro, Brazil.
Speaking at the event, President Tinubu highlighted his administration’s focus on attracting investments in the livestock sector to address critical challenges and foster economic growth.
“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, civilised 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.”
President Tinubu urged JBS S.A. to seize Nigeria’s substantial livestock investment opportunities, emphasizing the nation’s large population as a key advantage.
“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.”
He assured JBS S.A. executives that Nigeria is ready to facilitate their operations, guaranteeing favorable returns on investment.
In his remarks, Idi Mahia, Nigeria’s Minister of Livestock Development, explained that the delegation conducted a thorough evaluation of global companies, focusing on their scale, integrated operations, and advanced technologies. JBS S.A. was chosen due to its standing as the world’s second-largest meat processing company, with the capacity to process 33,000 cattle and over eight million birds daily, utilizing advanced zero-waste practices.
Wesley Batista, founder and president of JBS Group, expressed optimism about the partnership, noting the company’s extensive experience and success in the meat industry.
“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.
He added that JBS S.A. hopes to commence operations in Nigeria as soon as possible.
Batista also shared that JBS S.A. is Brazil’s largest private employer, generating over $79 billion in revenue in 2024 alone.
