November 29, 2024

JBS SA looks to set up meatpacking facilities in Nigeria with $2.5 billion investment

JBS SA plans to invest about $2.5 billion to build its first meatpacking facilities in Africa.

The company signed a memorandum of understanding with the Nigerian government to build three poultry plants as well as two for beef and one for pork in five years, the company said in a statement.

Investing in Africa would give JBS, which owns processing facilities spanning from Colorado, the United States, to New Zealand, an opportunity to diversify away from more mature markets including the US. The economy of Nigeria, which has a population larger than Brazil, is expected to more than double by 2050, the company said.

"Our goal is to establish a solid partnership and support Nigeria in addressing food insecurity," said JBS global chief executive officer Gilberto Tomazoni. "Developing a sustainable food production chain generates a virtuous cycle of socioeconomic progress for the population, especially the most vulnerable groups."

- Bloomberg