AfDB, Partners To Fund Nigeria’s Agro-Industrial Zones With $1bn

The African Development Bank (AfDB) and its partners have voted $1 billion dollars to fund special agro-industrial processing zones in 24 States in Nigeria.

Other partners that voted for the money include the Islamic Development Bank (IDB) and the International Fund for Agricultural Development.

The president of the bank, Dr. Akinwumi Adesina announced this on Friday at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

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In his speech titled, “From Dakar to Des Moines,” Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones in thirteen countries.

“We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food,” he stated.

“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.

“For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”

Adesina regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”

He, however, described the Norman Borlaug International Dialogue World Food Prize 2023, as a “journey and narrative of how we are combining the power of science, technology, policies, and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself, with pride.”