In a significant move aimed at bolstering Nigeria’s agricultural and industrial sectors, the African Development Bank (AfDB), the Islamic Development Bank (IDB), and the International Fund for Agricultural Development have jointly committed an additional $1 billion to expand Special Agro-Industrial Processing Zones (SAPZs) across 24 Nigerian states. This momentous decision was announced by Dr. Akinwumi A. Adesina, the President of the African Development Bank Group, during the Norman Borlaug International Dialogue at the World Food Prize 2023 event in Des Moines, Iowa, United States of America.
This generous funding pledge of $1 billion is in addition to the initial $520 million investment that these development partners earmarked for the development of eight special agro-industrial processing zones in Nigeria. Dr. Adesina emphasized that this commitment reflects the partners’ dedication to supporting the growth of agricultural value chains, food processing, value addition, and the development of critical infrastructure and logistics that facilitate local, regional, and international trade in food.
The African Development Bank Group is actively investing $853 million in the development of Special Agro-Industrial Processing Zones, with an additional co-financing of $661 million, resulting in a total commitment of $1.5 billion. This commitment spans the implementation of 25 Special Agro-Industrial Processing Zones across 13 countries.
The investment by the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development, totaling $520 million for the development of eight special agro-industrial processing zones in Nigeria, is a prime example of the collaborative efforts aimed at bolstering Nigeria’s agribusiness sector. As part of the program’s second phase, the partners intend to mobilize an additional $1 billion to establish special agro-industrial processing zones in 24 Nigerian states.
