In a move that is set to further boost Nigeria’s agricultural sector, the African Development Bank (AfDB) has announced a significant investment of $520 million in specialized agro-processing zones. This development has been applauded by President Bola Ahmed Tinubu, who commends AfDB President, Dr. Adewunmi Adesina, for his commitment to opening up the economy for investments that will create job opportunities and reduce poverty.
President Tinubu, in a statement released by his Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, expressed his delight at the agro-industrial project being carried out by AfDB. He highlighted the positive impact this investment will have on Nigeria’s competitive advantage in the agricultural sector. Additionally, Tinubu stressed the importance of Foreign Direct Investment (FDI) in other areas of priority such as women empowerment and youth development.
Tinubu also commended the vision of AfDB President, Dr. Adesina, for proposing the establishment of a Youth Entrepreneurship Bank in Nigeria. This bank aims to provide credit facilities, skills training, and other necessary support for young Nigerians looking to venture into entrepreneurship. The President urged the AfDB to allocate funds towards projects that target women and youth empowerment.
During a meeting with Dr. Adesina at the two-day summit on A New Global Financing Pact in Paris, Tinubu acknowledged the positive impact of the Nigerian government’s decision to remove the fuel subsidy. He stated, “No bird can fly with its wings tied behind. All those steps are signals investors like.” This move towards macroeconomic policy direction has been instrumental in attracting foreign investors, demonstrating Nigeria’s readiness for investments.
In a separate meeting, President Tinubu engaged with executives from Airbus/ATR. He assured them of the government’s commitment to streamlining the aviation sector for improved efficiency, specifically in aircraft maintenance and training.
The $520 million investment in specialized agro-processing zones signifies a significant step forward in Nigeria’s agricultural development. With the support of the AfDB, the country is better positioned to harness its agricultural potential, create jobs, and reduce poverty. The establishment of a Youth Entrepreneurship Bank instills hope for aspiring young entrepreneurs, offering them the necessary resources and support for success.
