Toba Owojaiye reporting
Abuja, Nigeria
The Federal Government has confirmed Saudi Arabia’s SALIC International Investment Company’s acquisition of a 35.43% stake in Olam Agri Holdings for $1.24 billion, marking a landmark boost to Nigeria’s agricultural and livestock industries.
Truth Live News gathered that this august announcement was made by the Minister of Agriculture and Food Security, Abubakar Kyari, alongside Finance Minister Wale Edun, following a strategic meeting with President Bola Tinubu in Lagos.
The deal, finalized on December 23, 2024, values Olam Agri Holdings at $3.5 billion and demonstrates Nigeria’s growing potential as a hub for agricultural investments under the Renewed Hope Agenda.
Kyari noted that this achievement aligns with the Tinubu administration’s vision of repositioning agriculture as a cornerstone of the Nigerian economy. “This partnership underscores our commitment to enhancing food security, attracting foreign investments, and revolutionizing our livestock and broader agricultural sectors,” Kyari remarked.
The acquisition solidifies Olam Agri’s status as a global agricultural leader while opening opportunities for Nigeria’s livestock exports. The newly established Strategic Supply & Cooperation Agreement between Olam Agri and SALIC aims to leverage SALIC’s expertise in livestock management and technology to improve farming techniques, boost exports, and create jobs.
This development comes as part of Kyari’s broader initiatives under the Renewed Hope Agenda, focusing on:
Technology Transfer: Collaborating with foreign partners to introduce advanced farming techniques and machinery.
Strengthening Export Channels: Expanding Nigerian agricultural exports, particularly to the Middle East and other high-demand markets.
Enhancing Food Security: Addressing Nigeria’s food supply challenges through strategic investments in modern farming methods.
Since assuming office, Kyari has made remarkable strides in transforming Nigeria’s agricultural landscape, including:
1. Increased Access to Funding: Facilitating over $2 billion in foreign investments and grants to boost agricultural production and infrastructure.
2. Revamping the Fertilizer Sector: Launching a subsidy program that has reduced fertilizer costs and improved availability for smallholder farmers.
3. Mechanized Farming Initiatives: Partnering with international organizations to introduce precision agriculture and reduce post-harvest losses.
4. Youth Empowerment Programs: Training over 50,000 youths in modern farming practices to tackle unemployment and boost agricultural productivity.
5. Promoting Green Agriculture: Advocating for sustainable farming techniques to mitigate the effects of climate change on food security.
This partnership is expected to enhance Nigeria’s foreign exchange earnings, create thousands of jobs, and improve the country’s standing in the global agricultural market. With Kyari at the helm of the Ministry of Agriculture and Food Security, these milestones reflect the government’s unwavering commitment to revamping the sector as a key driver of economic growth.
Industry experts have praised these developments, emphasizing their potential to transform Nigeria into a global agricultural powerhouse. As the Tinubu administration’s Renewed Hope Agenda continues to unfold, the agricultural sector is poised to play a pivotal role in reshaping Nigeria’s economic landscape.