November 22, 2024

Brazilian meatpacker JBS said on Thursday it has signed a memorandum of understanding with Nigeria’s government for a $2.5 billion investment plan in the African country, including the building of six new factories.

In a statement, JBS said three of the factories would deal in poultry, two in beef and one in pork.

Based on the memorandum of understanding, JBS said it will build up a five-year investment plan in Nigeria, including feasibility studies, budget estimates and an action plan for local supply chain development.

The government of Nigeria, in turn, would ensure the economic, sanitary and regulatory conditions needed for the project’s viability, JBS added.

REUTERS