AfDB pumps $2.2B into Nigeria’s agro-industrial zones
Nigeria has secured $2.2 billion from a gaggle of lenders led by the African Development Bank Group (AfDB) to assist development of Special Agro-Industrial Processing Zones Nigeria Phase II.
The SAPZs that are established in areas with excessive agricultural manufacturing potential are anticipated to assist remodel Nigeria’s agricultural sector.
“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization. These investments exemplify the power of collaboration to achieve sustainable development in Africa,” mentioned Dr Akinwumi Adesina, AfDB Group President.
The capital mobilization spearheaded by the financial institution will amongst others assist the west African nation present infrastructure for the institution of agro-industrial zones, strengthen institutional capability and enterprise setting for agro-industrial growth and assist agricultural productiveness, expertise, and personal funding throughout worth chains.
The agro zones are additional projected to reinforce worth addition on agricultural merchandise by manufacturing, enhance meals safety, enhance employment, and improve regional and worldwide commerce.
“I am pleased to see this whopping investment interest and commitments by our financing partners for Nigeria, at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities and boost economic growth,” added Dr Abdul Kamara, AfDB Director General for Nigeria.
Other buyers within the challenge embrace Arise IIP, Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the U.S. Development Finance Corporation.
