By Tarso Veloso and Clarice Couto

JBS SA, the world’s largest meat producer, plans to invest about $2.5 billion to build its first meatpacking facilities in Africa.

The company signed a memorandum of understanding with the Nigerian government to build three poultry plants as well as two for beef and one for pork in five years, the company said in a statement. 

Investing in Africa would give JBS, which owns processing facilities spanning from Colorado to New Zealand, an opportunity to diversify away from more mature markets including the United States. The economy of Nigeria, which has a population larger than Brazil, is expected to more than double by 2050, the company said.

“Our goal is to establish a solid partnership and support Nigeria in addressing food insecurity,” said JBS Global Chief Executive Officer Gilberto Tomazoni. “Developing a sustainable food production chain generates a virtuous cycle of socioeconomic progress for the population, especially the most vulnerable groups.”

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