The African Development Bank (AfDB) has initiated the first phase of disbursing $540 million agro-industrial funds for the establishment of Special Agro-Industrial Processing Zones (SAPZs) across the country.
This move underscores the bank’s commitment to bolstering agricultural development and ensuring food security in the nation.
Senior Special Adviser on Industrialisation to the AfDB President, Prof. Banji Oyelaran-Oyeyinka, announced this development during a presentation to Vice President, Mr. Kashim Shettima, at the Presidential Villa.
The disbursement targets three states in its initial phase: Oyo, Kaduna, and Cross River, with plans for others pending documentation completion.
SAPZs, an initiative aimed at transforming rural areas into economic hubs, received praise from Prof. Oyelaran-Oyeyinka for its potential to foster inclusive and sustainable agro-industrial development. He emphasised the importance of public-private partnerships in driving the project forward.
Furthermore, the inaugural phase of SAPZ implementation spans seven states and the Federal Capital Territory ( FCT), with eligibility criteria set to prioritise states demonstrating swift progress in meeting requirements.
