In July 2019, Governor Fayemi signed a partnership agreement with Promasidor Nigeria Limited to revamp the Ikun Dairy Farm in Ikun-Ekiti, Moba Local Government Area. The farm, established in the early 1980s across 1,000 hectares, had been moribund for decades before Fayemi's intervention.

By July 2020, the Nigerian Investment Promotion Commission (NIPC) confirmed that Ikun Dairy Farm had resumed milk production after 40 years. The farm began supplying fresh milk to Promasidor for processing into Cowbell Milk and other dairy products. The project created direct employment for over 200 Ekiti indigenes and provided a ready market for local fodder farmers.

In March 2021, the US Mission in Nigeria announced through its Twitter handle that 227 pregnant cows had arrived at Ikun Dairy Farm from the United States as part of the revitalisation effort. The farm’s daily target is the production of 10,000 litres milk. The revamp included modern milking parlours, cold chain storage, veterinary facilities, and extensive pasture development. The partnership followed the Federal Government's backward integration policy, reducing reliance on imported dairy raw materials.