AfDB, Partners Vote Fresh $1bn To Fund Nigeria’s SAPZs In 24 States

It was yet another bountiful harvest for the President Bola Ahmed Tinubu administration in its investment drive, as the African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development hinted on Thursday that 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.

“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilised additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.

“For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilise an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria”.

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