News in brief:
– JBS, a leading Brazilian meat processing company, plans to invest $2.5bn in Ogun State’s livestock sector.
– Governor Abiodun highlights the state’s infrastructure and economic potential, ensuring investor-friendly policies.
Ogun State is set to benefit from a major livestock investment as JBS, a leading Brazilian meat processing company, plans to inject $2.5 billion (approximately ₦1.9 trillion) into Nigeria’s livestock sector.
The announcement was made during a visit by officials of JBS, led by the controlling shareholder of EMN, Mr John Coumantaros, to Ogun State Governor, Dapo Abiodun, at his office in Oke-Mosan, Abeokuta. Coumantaros disclosed that the investment would focus on improving the production of beef, pork, and chicken in Nigeria.
Strengthening Brazil-Nigeria economic ties
According to Coumantaros, JBS has been studying the Nigerian market and sees great potential for growth in the country’s agriculture sector.
“We have been talking and learning about Nigeria. We had the privilege to meet the Nigerian delegation in Brazil when President Bola Tinubu visited our country. We see Nigeria as the hub of Africa with a very large population,” he stated.
He further emphasised that Nigeria and Brazil share many similarities and expressed confidence in the Nigerian economy. “We are serious about coming to Nigeria to invest in beef, pork, chicken, among others. We see growth prospects in Nigeria and what Nigerian leaders are doing to encourage investors,” he added.
JBS’ global experience in meat processing
JBS is a major player in the global meat processing industry. The company processes 80,000 heads of cattle, 15 million chickens, and approximately 25,000 lambs daily across various countries. Additionally, JBS produces packaged meat products such as sausages and bacon.
The Chief Executive Officer of the Nigeria Investment Promotion Commission (NIPC), Aisha Rimi, described the meeting as a follow-up to an earlier assessment by JBS’s technical team. She confirmed that the company is ready to invest $2.5 billion over the next five years, with Ogun State being one of the primary beneficiaries.
Governor Dapo Abiodun welcomed the investment, highlighting Ogun State’s strategic advantages for investors. He noted that the state, spanning over 16,000 square kilometres, serves as a vital link between the southern and northern regions of Nigeria.
“We have provided, in terms of infrastructure, 1,000 kilometres of highways and the best-constructed airport in Nigeria, specially dedicated to agro imports and exports,” he said.
Abiodun also emphasised Ogun State’s economic strengths, including its leadership in non-oil sectors and its rich natural resources such as limestone, gold, silica, and bitumen. The state ranks as Africa’s third-largest cement producer, following Egypt and Morocco.
Assurances on infrastructure and security
To further attract investment, the governor assured that Ogun is making significant strides in power generation and distribution. He stated that industries operating in the state would benefit from the most affordable electricity supply in Nigeria.
On land acquisition, Abiodun noted that his administration has simplified the process, promising that land title documents would be ready within 30 days. He also reiterated the state’s commitment to security, ensuring the safety of businesses and residents.
