AfDB, others vote additional $1bn to fund agric businesses in 24 states

The African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development (IFAD) said they have voted $1 billion to further deliver special agro-industrial processing zones 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, Dr Akinwumi A. Adesina, disclosed this at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

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.

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Delivering his speech titled, “From Dakar to Des Moines,” Dr Adesina said 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.

Dr Adesina regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”

Also speaking during the fire-side chat with the AfDB President, Vice President Kashim Shettima who spoke on the Tinubu administration’s initiatives for food security said the quality of present leadership in Nigeria and the rest of Africa will drive transformation in agriculture and other sectors.