Wednesday
October 26
2022

African Development Bank and Partners Launch $520 Million Special Agro-Industrial Processing Zones to Transform Nigeria’s Agriculture

Nigeria on Monday began its long journey to end hunger and achieve food security by launching the Special Agro-industrial Processing Zones (SAPZ), a programme initiated by the African Development Bank.

According to the President of the African Development Bank, Dr. Akinwumi Adesina “the Special Agro-industrial Processing Zones are new economic zones, located in rural areas, to be fully supported by infrastructure (power, water, roads, digital infrastructure, and logistics) that will allow food and agribusiness companies to locate within such zones. This will put them close to farmers in production catchment areas, provide market offtakes for farmers, support processing and value addition, reduce food losses, and allow the emergence of highly competitive food and agricultural value chains.”

The launch ceremony in the capital Abuja, kick-starts the implementation of phase one of the SAPZ program in eight states across the country. The African Development Bank is providing funding of $210 million, with the Islamic Development Bank and the International Fund for Agricultural Development (IFAD) jointly providing $310 million. The Nigerian government is contributing $18.05 million.

Photo courtesy of Christophe Maertens.

Source: African Development Bank Group (link opens in a new window)

Categories
Agriculture, Investing
Tags
agriculture, development finance, infrastructure, rural development