African Development Bank President, Akinwumi Adesina, has announced that Nigeria will benefit significantly from a $4.4 billion investment to expand Special Agro-Industrial Processing Zones across all 36 states and the FCT.
Adesina made this disclosure during an interview with Arise TV on Monday, stating that agricultural transformation is key to driving broader economic growth.
Launched in 2022, the Special Agro-Industrial Processing Zones (SAPZ) program aims to revolutionize agriculture by creating agro-processing clusters across Nigeria.
These zones will enhance agricultural productivity, drive value addition, and generate employment opportunities, particularly in rural areas.
“Transformation without agricultural transformation is incomplete because agriculture touches the lives of people at the grassroots level,” Adesina noted.
He explained that the SAPZ initiative aims to establish economic zones close to farmers, featuring essential infrastructure such as power, water, roads, digital connectivity, and irrigation systems.
“These zones will attract companies that will purchase raw materials from farmers for processing, thereby creating a new ecosystem of wealth in rural economies,” Adesina added.
The AfDB has invested over $3 billion in SAPZ projects across 11 African countries. In Nigeria, the initial $750 million target was surpassed, reaching $2.2 billion and later expanding to $4.4 billion.
“We initially put together an $851m programme with the Islamic Development Bank and the International Fund for Agricultural Development. At the Africa Investment Forum last December, I engaged Nigerian governors in raising more funds. We started with a target of $750m but eventually secured $2.2bn, which later grew to $4.4bn,” he revealed.
“We initially put together an $851m programme with the Islamic Development Bank and the International Fund for Agricultural Development. At the Africa Investment Forum last December, I engaged Nigerian governors in raising more funds. We started with a target of $750m but eventually secured $2.2bn, which later grew to $4.4bn,” he revealed.
