The African Development Bank’s (AfDB) Board of Directors has approved a $210million loan to Nigeria for the Special Agro-Industrial Processing Zone Programme.
The loan could impact the lives of millions of people in Nigeria, especially farmers.
A statement from the AfDB noted that the loan would co-finance phase 1 of the agricultural programme.
It noted that the programme would help to unlock Nigeria’s agricultural potential and would promote industrialisation through the development of strategic crops and livestock.
Nigeria Phase 1 Zone construction is expected to augment value chain commodities in Cross River State; Federal Capital Territory – beef and dairy livestock; Imo State – beef and dairy livestock; Kaduna State – tomato, maize and ginger; Kano State – rice, tomato, groundnuts and sesame oil; Kwara State – livestock; Ogun State – cassava, rice, poultry and fisheries and Oyo State – cassava, soybean, rice.
The AfDB stated that financing for this programme represented one of its most ambitious operations in terms of scale and scope.
