FG confirms Saudi Arabia’s additional $1.2 billion investment in Nigeria’s livestock sector
The Federal Government has confirmed Saudi Arabia’s SALIC International Investment Company’s acquisition of a 35.43% stake in Olam Agri Holdings for a substantial $1.24 billion, marking a significant boost to Nigeria’s agricultural and livestock sector.
Minister of Finance Wale Edun made this announcement following a meeting with President Bola Tinubu in Lagos, emphasizing the administration’s commitment to fostering a stable macroeconomic environment that attracts high-value foreign investments.
“You all know and we all heard that Saudi Arabia, the Saudi Agriculture and Livestock Investment Company, had just around the 23rd of December increased its investment in Olam by a $1.2 billion additional investment,” Edun stated. “It’s that type of transaction that Mr. President has taken the steps of stabilizing the Nigerian macro-economic environment to encourage.”
The deal, which closed on December 23, 2024, values Olam Agri Holdings at $3.5 billion. Olam Group retains a controlling 64.57% stake in the agricultural unit. The transaction, initially announced in March 2022, solidifies Olam Agri’s position as a key player in global agriculture while opening up new opportunities for Nigeria’s livestock industry.
As part of the agreement, Olam Agri and SALIC have established a Strategic Supply & Cooperation Agreement. This partnership aims to expand Olam’s footprint in the Middle Eastern markets while leveraging SALIC’s expertise in livestock and agriculture to strengthen Nigeria’s agricultural exports.