The African Development Bank (AfDB) has raised $540 million, which equates to about N224.3 billion, for Nigeria to develop the Special Agro-Industrial Processing Zones (SAPZs), as part of efforts to boost food security in the country. According to a statement from the State House in Abuja, the AfDB President, Dr. Akinwumi Adesina, made this known while briefing President Muhammadu Buhari. The former Nigeria’s Minister of Agriculture and Rural Development said, “We have decided to mobilise $540 for the programme. The African Development Bank has approved a total of $210 million. The Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have approved $170 million and $160 million respectively, towards the programme”.
Dr. Adesina added that the processing zones will initially be rolled out in seven states, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River and the Federal Capital Territory, saying “I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon”. At the occasion, President Buhari had lauded AfDB for being foresighted and proactive in promoting food security on the continent and Nigeria in particular.
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