The African Development Bank (AfDB) has announced plans to release a $2.2 billion fund for the development of Special Agro-Industrial Processing Zones (SAPZ) across Nigeria starting in 2025.
Abdul Kamara, Director General of AfDB’s Nigeria Office, revealed this during Channels Television’s 2024 End-of-Year Review themed “Focus on the Agriculture Sector, Food Security, Research, and AfDB Investments.”
Kamara noted that in 2025, AfDB expects to see contracts signed, mobilization efforts, and construction activities beginning in some states.
He added that the fund will be channeled toward establishing agro-industrial hubs, aggregation centers, and agricultural transformation programmes aimed at boosting Nigeria’s agriculture sector and enhancing food security.
Kamara explained that although the SAPZ initiative was approved by the AfDB Board in 2021, startup delays arose due to various challenges.
He said the challenges include the need to finalize agreements with the federal government and co-financiers such as the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank.
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Kamara highlighted that ongoing discussions with governors from seven states—FCT, Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara—have led to the acceleration of the project.
According to him, bidding documents are now being published to streamline processes and expedite implementation.
He maintained that the recently concluded African Investment Forum, additional pledges from financiers increased the total funding for SAPZ to $2.2 billion.
