The African Development Bank (AfDB) has successfully mobilized $2.7 billion to drive Nigeria’s agricultural transformation through the establishment of Special Agro-Industrial Processing Zones (SAPZs). These zones are aimed at enhancing local agricultural processing, boosting agribusiness competitiveness, and creating job opportunities across the country.
Akinwumi Adesina, President of the AfDB, launched the first phase of the initiative on Tuesday in Kaduna state, marking the beginning of a transformative program designed to address Nigeria’s agricultural sector needs. According to Adesina, the SAPZs will add value to locally produced agricultural commodities and improve the competitiveness of Nigerian agribusinesses on the global stage.
The initiative will unfold in two phases:
- Phase 1: A $510 million investment will be made across eight states.
- Phase 2: A further $2.2 billion will be invested in the remaining 28 states to fully expand the SAPZs across the country.
These efforts come at a crucial time, as Nigeria spent $4.7 billion on food imports last year, signaling a need for significant reform in the agricultural sector. The SAPZs are expected to reduce dependency on food imports, enhance food security, and create hundreds of thousands of jobs in both rural and urban areas.
