The African Development Bank (AfDB) is set to release a $2.2bn fund for the development of Special Agro-Industrial Processing Zones (SAPZ) in Nigeria.
Abdul Kamara, Director-General of AfDB’s Nigeria Office, announced this during Channels Television’s 2024 End-Of-Year Review, themed ‘Focus on the Agriculture Sector, Food Security, Research and AfDB Investments’.
“From next year (2025), contracts will be signed, and construction will begin in some states, though not all will start simultaneously,” he said.
The funds will be used to establish agro-industrial hubs, aggregation centres, and agricultural transformation programmes.
Kamara explained that although the SAPZ initiative was approved by the AfDB Board in 2021, startup delays were caused by several factors, including securing agreements with the Federal Government and co-financiers, such as IFAD (International Fund for Agricultural Development) and the Islamic Development Bank.
He added that recent discussions with state governors in seven states, including the FCT, Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara, have led to the acceleration of the SAPZ project. “We are now publishing bidding documents in these states to shorten the process.”
Kamara noted that the total value of the SAPZ project, including co-financed contributions, exceeds $2.2bn. The AfDB is committed to ensuring its successful implementation, aiming to replicate successes seen elsewhere.
