Nigeria has secured $2.2 billion from a group of lenders led by the African Development Bank Group (AfDB) to support construction of Special Agro-Industrial Processing Zones Nigeria Phase II.
The SAPZs which are established in areas with high agricultural production potential are expected to help transform 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,” said Dr Akinwumi Adesina, AfDB Group President.
The capital mobilization spearheaded by the bank will among others help the west African country provide infrastructure for the establishment of agro-industrial zones, strengthen institutional capacity and business environment for agro-industrial development and support agricultural productivity, skills, and private investment across value chains.
The agro zones are further projected to enhance value addition on agricultural products through manufacturing, boost food security, improve employment, and enhance regional and international trade.
“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 investors in the project include 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.
