The African Development Bank Group has played a key role in securing $2.2 billion to support the next phase of Nigeria’s Special Agro-Industrial Processing Zones initiative. This announcement was made during the Africa Investment Forum in Morocco, where various stakeholders including Nigerian state governors, representatives from multilateral development organizations, diplomats, and private sector investors showed their support.
The funding for the second phase aims to build on the success of the initial phase and emphasizes the commitment to increasing investments that enhance agricultural infrastructure and foster collaboration between federal and state governments.
The boardroom session at the event attracted major investors such as Arise IIP, the Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the US Development Finance Corporation, resulting in a total deal value of $2.2 billion being announced for SAPZ Nigeria Phase II.
The first phase of the SAPZ program has already brought benefits to states like Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory. Phase II aims to expand to an additional 24 states over the next three years, further bridging Nigeria’s agriculture with agro-industrialization to boost economic growth.
Dr. Akinwumi Adesina, the President of the African Development Bank Group, emphasized the significance of the Nigeria SAPZ II project in transforming the country’s agricultural sector, leading to job creation, empowerment of smallholder farmers, and positioning Nigeria as a pioneer in agro-industrialization.
The SAPZ Nigeria initiative is a nationwide project driven by the government and private sector to revolutionize Nigeria’s agricultural landscape. These zones are strategically located in areas with high agricultural potential and are equipped with necessary infrastructure, services, and incentives to attract agricultural and industrial enterprises.
The boardroom session, chaired by Dr. Beth Dunford, Vice President for Agriculture, Human and Social Development at AfDB, featured discussions from key figures, including Dr. Akinwumi A. Adesina. Notable representatives like Princess Audu and Prof. Banji Oyelaran-Oyeyinka highlighted the achievements of Phase I and the roadmap for Phase II.
Dr. Abdul Kamara, the Director-General for Nigeria at AfDB, expressed enthusiasm for the investments, emphasizing their importance in supporting Nigeria’s efforts to enhance food security, create employment opportunities, and drive economic growth.