The Niger State Government has signed a $100 million livestock development deal with the Government of Saudi Arabia to boost the state’s agricultural sector and increase its Gross Domestic Product (GDP).
The agreement is expected to position farmers in Niger State as key global exporters of livestock, while also providing them with improved access to markets for selling their farm produce.
Announcing the deal during the FirstBank Agric & Export Expo on Wednesday, the state governor, Mohammed Bago, explaining that the agreement reached with the Saudi government would commence with an initial $10 million tranche facilitated by the Nigerian Export-Import Bank (NEXIM).
According to him, the partnership goes beyond meat supply, as every part of the animal including the hide, blood, hooves, and tripe would be processed to generate value.
He added that the initiative was aimed at tapping into a livestock market, which was estimated at over $2.5 billion annually.
The governor described the deal as a strategic move to strengthen both the economy of Niger State and Nigeria, while also meeting Saudi Arabia’s rising demand for livestock products.
FirstBank Chief Executive Officer, Olusegun Alebiosu, also commended the initiative, noting that agriculture remains central to Nigeria’s economic diversification agenda.
