AfDB, partners to invest additional $1bn in Nigeria

AfDB and partners are to use the money to fund Special Agro-industrial Processing Zones in 24 states of Nigeria.

ByPress Release

 October 27, 2023

Reading Time: 3 mins read

The African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development hinted on Thursday that they have voted $1 billion to further deliver Special Agro-industrial Processing Zones (SAPZs) in 24 states of Nigeria.

This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.

President of African Development Bank Group,.Akinwumi Adesina, disclosed this at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.Akinwumi Adesina, President African Development Bank (AfDB). [PHOTO CREDIT: Official Facebook page of Mr Adesina]

Vice President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue.

Delivering his own speech titled, “From Dakar to Des Moines,” Mr Adesina noted that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.

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Explaining that it was the core of the food and agriculture delivery compacts from the Dakar 2 Summit held earlier this year in Dakar, Senegal, the AfDB President said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilised additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.

“For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of eight special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilise an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria”.