The African Development Bank Group has successfully mobilized $2.2 billion for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project, unveiled at the Africa Investment Forum. This initiative aims to revolutionize the agricultural sector by creating agro-industrial hubs to drive productivity, enhance food security, and generate employment.
Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the project's role in empowering smallholder farmers and positioning Nigeria as a leader in agro-industrialization. The SAPZ program is designed to establish agro-industrial zones equipped with necessary infrastructure and services, supported by policy incentives to foster the integration of agricultural and industrial activities.
The initial phase of the SAPZ program benefited several Nigerian states, including Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory. The second phase aims to extend to an additional 24 states within three years, further linking Nigeria's agriculture to agro-industrialization.
During a session attended by Nigerian state governors, development leaders, and private sector investors, commitments were reaffirmed to create a conducive environment for the initiative. The session concluded with a total deal value of $2.2 billion being announced, marking a substantial step towards the realization of the SAPZ Nigeria Phase II vision.
Dr. Abdul B. Kamara, the Bank's Director General for Nigeria, expressed satisfaction with the investment interest and commitments, highlighting the project's potential to address food security, create job opportunities, and boost economic growth. The African Development Bank Group continues to foster innovative solutions for inclusive growth across the continent, demonstrating a commitment to impactful development initiatives through strategic partnerships.
Source: AFDB