Governor Mohammed Umaru Bago of Niger State has announced the signing of a $100 million livestock offtake agreement between Nigeria and the Saudi Export and Import Bank.
Bago, who disclosed this during the FirstBank Agric and Export Expo in Lagos, said the deal would begin with an initial $10 million tranche.
He explained that the agreement is expected to open Nigeria to a livestock market worth about $2.5 billion annually in the Middle East, following disruptions in supply from the Sahel and Sudan.
According to him, the deal will not only cover meat but also other by-products such as tripe, blood, hides, and hooves.
The governor also highlighted Niger State’s partnership with Lagos, which has committed to a ₦5 billion offtake as part of a larger ₦500 billion agreement between the two states. He said Niger would dedicate 100,000 hectares of farmland, known as “Lagos Farm”, for the cultivation of rice, yams, beans, and livestock to support the initiative.
Bago added that live animal transportation will soon be replaced with LNG-powered cold-chain trucks, which will deliver processed and packaged frozen meat from Mokwa, Niger State, to Lagos.
He called on Nigerian banks to provide affordable financing for farmers and agribusinesses, stressing that agriculture cannot grow with high interest rates.
Governor Babajide Sanwo-Olu of Lagos, who also spoke at the event, said Lagos remains the gateway for Nigeria’s non-oil exports and pledged continued support for agricultural development and trade.
FirstBank’s Chief Executive Officer, Olusegun Alebiosu, reaffirmed the bank’s commitment to supporting agriculture, saying the sector is critical to Nigeria’s diversification and export growth.
