The African Development Bank (AfDB), alongside the Islamic Development Bank (IDB) and the International Fund for Agricultural Development on Thursday disclosed that they had approved an additional $1 billion to support special agro-industrial processing zones in 24 states of Nigeria.
A statement issued by the Senior Special Assistant to the AfDB President, Media and Communications (Office of the Vice President), Stanley Nkwocha, indicated that the latest funding pledge was in addition to an earlier $520 million approved by the partners for the development of eight special agro-industrial processing zones in the country.
The AfDB President, Dr. Akinwumi Adesina, was quoted as giving this hint to the Nigerian agribusiness at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.
According to him, the decision to support Nigeria’s agribusiness with the funds was part of the development finance institution’s, in collaboration with its partners, to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries in the continent.
Adesina said: “We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.
“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized 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 mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria”, the AfDB President added.
