The African Development Bank (AfDB), alongside the Islamic Development Bank (IDB) and the International Fund for Agricultural Development on Thursday hinted that they have voted $1 billion to further deliver special agro-industrial processing zones in 24 States of Nigeria.
This information was contained in a statement by Stanley Nkwocha, the Senior Special Assistant to the President, Media and Communications (Office of the Vice President).
The statement further stated that the $1bn pledge 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.
Dr. Akinwumi A. Adesina, the President of the African Development Bank Group disclosed the pledges to the Nigerian agribusiness at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.
According to Dr Adesina, 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.
What 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”.
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