The African Development Bank (AfDB) has announced plans to disburse $540 million to support the development of Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. The first phase of disbursement is set to begin in seven states, including Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory (FCT).
Stanley Nkwocha, Senior Special Assistant on Media to Vice President Kasim Shetima, revealed this development in a statement. Professor Banji Oyeyinka, Senior Special Adviser on Industrialization to the AfDB President, provided an update report to the Vice President.
Oyeyinka emphasized that the project aims to promote inclusive and sustainable agro-industrial development in Nigeria. He highlighted that $540,000,000 in catalytic funding has been secured, and each state is expected to collaborate with a private sector partner to contribute equity for the project.
“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria. Phase one of the project is at the point of disbursement. Kaduna, Oyo, and Cross River states are all in the process of receiving disbursements,” Oyeyinka stated.
The initiative is government-enabled but driven by the private sector, signaling a concerted effort to foster economic growth and enhance agricultural development in Nigeria.
