From Juliana Taiwo-Obalonye, Abuja
The African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development on Thursday disclosed that they have voted $1 billion to further deliver special agro-industrial processing zones in 24 states of Nigeria.
This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.
According to a statement issued by Senior Special Assistant to the President, Media and Communications, (Office of the Vice President), Stanley Nkwocha, this was disclosed by President of African Development Bank Group, Akinwumi Adesina, at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.
Vice President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, applauded the announcement.
He had on Wednesday delivered his keynote address at the ongoing Dialogue entitled, “From Dakar to Des Moines”.
Adesina noted that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.
Explaining that it was the core of the food and agriculture delivery compacts from the Dakar 2 Summit held earlier this year in Dakar, Senegal, he said: “We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.
“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilised additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.”