₦4.5bn Soybean Plant Set to Boost Ogun’s Agribusiness Sector

Nigeria’s agricultural value chain is poised for a major boost following the approval of a ₦4.5 billion investment to establish a soybean processing plant in Ogun State, a project expected to enhance local production, create jobs and strengthen food security.

The facility will process locally cultivated soybeans into high-value products, including edible oil, soybean meal and other industrial derivatives, reducing dependence on imported alternatives while expanding market opportunities for Nigerian farmers.

Stakeholders say the investment will strengthen the soybean value chain by encouraging increased cultivation, supporting contract farming and creating sustainable demand for locally produced soybeans. The project is also expected to generate employment across farming, processing, transportation, logistics and manufacturing.

The initiative complements the Federal Government’s drive to expand domestic soybean production through its National Soybean Production Policy and Strategy, which focuses on increasing local value addition, improving productivity and reducing Nigeria’s dependence on imported agricultural products.

Ogun State continues to attract major agro-industrial investments, thanks to its strategic location, expanding infrastructure and investor-friendly policies. The state’s participation in the Special Agro-Industrial Processing Zones (SAPZ) programme has further strengthened its position as a growing hub for agricultural processing and manufacturing.

Industry experts believe the new processing plant will improve local supply chains, increase the availability of soybean products for food manufacturers, livestock feed producers and industrial users, while enhancing Nigeria’s competitiveness in the agribusiness sector.

Beyond its economic benefits, the investment is expected to raise farmers’ incomes by providing a dependable market for their produce, reduce post-harvest losses and accelerate the country’s transition toward a more value-driven and sustainable agricultural economy.