Earlier this year precisely June 2024, the Nigerian Government had a trade agreement with Saudi Government for the huge export of red meat and soya beans.
This has prompted the Nigerian Government to enter into an MoU with Brazilian company, JBS, for a $2.5 billion dollars investment plan, to build six standard meat factories in Nigeria.
JBS is a well known international company that deals mainly on meat production with several factory operations in different countries.
Gilberto Tomazoni, CEO, JBS Global, said “Our goal is to establish a solid partnership and support Nigeria in addressing food insecurity developing a sustainable food production chain generates a virtuous cycle of socioeconomic progress for the population, especially the most vulnerable groups.”
He further stated that the company’s plan is ensure there’s adequate food security, and increase to the local production of meat according to economic capacities.
According to the MoU signed, JBS responsibilities state that the investment will cover a five-year period, and this includes a detailed plan for developing a local supply chain for its meat production.
While the Nigerian government responsibility is to provide the necessary economic, sanitary, and regulatory conditions to ensure the project’s success.
This investment with JBS signifies the country’s investment potential to attract other foreign long-term investments.
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