$210 Million For Special Agro-Industrial Processing Zones-Nigeria
A $210 million loan approved by the African Development Bank’s Board of Directors on Monday could impact the lives of millions of people in Africa’s most populous country.
The loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program. The program will help to unlock Nigeria’s agriculture sector potential. It will promote industrialization through the development of strategic crops and livestock.
African Development Bank financing for this program represents one of the Bank’s most ambitious operations in terms of scale and scope to date.
It is made up of an African Development Bank loan of $160 million and an Africa Growing Together Fund loan of $50 million. Phase 1 of the project will target seven Nigerian states and the country’s Federal Capital Territory.
Photo courtesy of Jutta Benzenberg.