The African Development Bank Group has facilitated $2.2 billion in capital mobilisation for its transformative Special Agro-Industrial Processing Zones Nigeria Phase II Project during the Africa Investment Forum.
AfDB in a release said governors from Nigerian states, leaders from multilateral development organisations, the diplomatic corps as well as private sector investors expressed support to scaling up financing to Federal and State Governments of Nigeria connected to the Special Agro-Industrial Processing Zones (SAPZ) Nigeria initiative.
The bank said the initiative is set to revolutionise Nigeria’s agricultural sector. Building on phase I, it is intended to create agro-industrial hubs that drive productivity, enhance food security, raise living standards and create jobs.
“This is a defining moment for Nigeria’s agricultural transformation,” said African Development Bank Group President, Dr. Akinwumi A. Adesina, during the boardroom.
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“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialisation. These investments exemplify the power of collaboration to achieve sustainable development in Africa,” he added.
The SAPZ Nigeria Programme is a country-wide government-enabled and private-sector-led investment programme that will, (i) Provide infrastructure for the establishment of agro-industrial zones, (ii) Strengthen institutional capacity and business environment for agro-industrial development and (iii) Support agricultural productivity, skills and private investment across value chains.
Phase I Nigerian states benefiting from the programme are Cross River, Imo, Ogun, Oyo, Kaduna, Kwara and Kano, and the Federal Capital Territory.
SAPZ Nigeria Phase II is underway to expand to an additional 24 states in Nigeria in the next 3 years and will link Nigeria’s agriculture to agro-industrialisation to drive economic growth.
“I am pleased to see this whopping investment interest and commitments by our financing partners for Nigeria, at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities and boost economic growth,” said Dr. Abdul B. Kamara, the Bank’s Director General for Nigeria
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