AfDB raises N224bn for Nigeria’s agro-industrial zone scheme | Dailytrust

AfDB raises N224bn for Nigeria’s agro-industrial zone scheme

AFDB African Development Bank
AFDB African Development Bank

The African Development Bank (AfDB) has mobilised $540 million (about N224.3 billion) for Nigeria to develop Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.

According to a statement from the State House on Wednesday, the AfDB President, Dr Akinwumi Adesina, disclosed this while briefing President Muhammadu Buhari on Tuesday.

The former Nigeria’s Minister of Agriculture said: “We have decided to mobilise $540 for the program. The African Development Bank has approved a total of $210 million. The Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have approved $170 million and $160 million respectively, towards the program.”

He said the processing zones will initially be rolled out in seven states, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River and the Federal Capital Territory.

“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” Dr Adesina added.

President Buhari commended AfDB for being foresighted and proactive about food security on the continent and Nigeria specifically.

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