President Muhammadu Buhari, jointly with the African Development Bank (AfDB), the Islamic Development Bank (IsDB) and the International Fund for Agricultural Development (IFAD) will launch the $538 million (about N234 billion) Special Agro-industrial Processing Zones (SAPZ) initiative for Nigeria today.
According to a statement from AfDB, the launch of the scheme taking place in Abuja will herald the implementation of SAPZ phase 1, and sends a strong message about Nigeria’s commitment to significantly transform its agriculture sector, create jobs, achieve food security, and generate economic revenue.
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The first phase of the Nigeria SAPZ programme is co-financed by key development partners to the tune of $538.05m.
AfDB is providing $210m of the fund, IsDB and IFAD will provide combined funding of $310m while Nigeria is contributing $18.05m.
The two-day event will bring together government officials, implementing partners, potential investors, farmers, agripreneurs, members of the diplomatic corps, and the development community.
