The federal government of Nigeria has signed a Letter of Intent with JBS S.A., the world’s second-largest meat processing company, to catalyze investments in the country’s $2.5 billion livestock industry. The signing ceremony, held on November 21, 2024, in Rio de Janeiro, Brazil, was witnessed by Nigerian President Bola Tinubu during his official visit.
President Tinubu emphasized his administration’s commitment to leveraging Nigeria’s immense agricultural potential to drive economic prosperity. Speaking at the event, he noted that the partnership aims to address longstanding conflicts between farmers and herders while fostering food security and creating opportunities for economic growth.
“What we are doing right now is solving a problem that has afflicted humanity in parts of Africa—clashes between farmers and migrating cows that have caused bloodshed,” President Tinubu stated. “We are turning a situation of tragedy and hopelessness into economic opportunity.”
The President highlighted Nigeria’s strategic advantages, including its growing population and substantial agricultural resources, and urged JBS S.A. to take full advantage of the lucrative opportunities in the livestock sector.
Wesley Batista, founder and president of JBS S.A., expressed optimism about the collaboration, describing Nigeria as a gateway to Africa’s protein supply chain.
“We are excited to partner with Nigeria to develop the livestock industry and transform it into a regional hub for protein supply across Africa,” Batista remarked. He added that JBS S.A., which processes 33,000 cattle and over eight million birds daily, plans to apply its advanced zero-waste technologies to operations in Nigeria.
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JBS S.A. is Brazil’s largest private employer, generating over $79 billion in revenue in 2024. Batista confirmed the company’s readiness to commence operations in Nigeria immediately, signaling a new era for the nation’s livestock industry.
Food security remains a cornerstone of the Tinubu administration’s economic agenda. President Tinubu noted that hunger persists as a pressing issue in Nigeria but expressed hope that partnerships like this one would help address the challenge.
“Food security is extremely important. Right now, there is hunger, but there is also hope,” Tinubu said. “You [JBS S.A.] represent one of the hopes we are counting on to drive sustainable growth.”
Idi Mahia, Nigeria’s Minister of Livestock Development, revealed that JBS S.A. was chosen following a rigorous evaluation of global firms based on their scale, technological sophistication, and sustainable practices.
“This partnership is strategic. With JBS S.A.’s expertise and cutting-edge technology, Nigeria can overcome its livestock challenges and unlock immense economic benefits,” Mahia noted.
The collaboration with JBS S.A. is an important step in the Tinubu administration’s broader vision to diversify Nigeria’s economy through strategic investments in agriculture and livestock. By integrating global best practices, the partnership aims to boost productivity, create jobs, and establish Nigeria as a regional powerhouse in protein supply.
