The Nigerian Government has announced that SALIC International Investment Company from Saudi Arabia has bought a 35.43% share in Olam Agri Holdings for $1.24 billion. This move is expected to greatly benefit Nigeria’s farming and livestock industries.
Finance Minister Wale Edun shared this news after meeting with President Bola Tinubu in Lagos. He emphasized the government’s goal to build a stable economic environment that will encourage foreign investors.
“The Saudi Agriculture and Livestock Investment Company has put an extra $1.2 billion into Olam,” Edun said, highlighting the government’s focus on supporting big and important deals like this.
The deal, completed on December 23, 2024, sets the value of Olam Agri Holdings at $3.5 billion. Olam Group still owns a majority share of 64.57% in the company. Alongside the deal, Olam Agri and SALIC have signed a Strategic Supply & Cooperation Agreement. This partnership aims to grow Olam’s business in the Middle East and use SALIC’s knowledge to boost Nigeria’s agricultural exports.
Experts have praised the transaction as a milestone for Nigeria’s agriculture, with potential benefits including improved food security, increased foreign exchange earnings, and job creation. The collaboration is also likely to help share advanced technology, improve farming techniques, and boost the country’s livestock industry.
The agreement came after Edun, representing President Tinubu and the Presidential Economic Coordination Council, visited Saudi Arabia. The team met with Saudi EXIM Bank and the Saudi Development Fund to talk about working together on export credit, insurance, and building infrastructure.
