The Bank of Industry, African Development Bank, and the International Fund for African Development will provide funds totaling $1.7bn to support the Special Agro-Industrial Processing Zones (SAPZ) project in Nigeria.
The project is aimed at raising the productivity and competitiveness of the country’s agriculture sector and reducing poverty in rural areas. Reports show that the SAPZ project will help the government to expand economic opportunities in the agric sector by enhancing processing infrastructure and services to rural families.
During an interactive session with journalists at a recent webinar, the AfDB President’s Senior Special Adviser on industrialisation, Prof. Oyebanji Oyelaran-Oyeyinka, said $1bn would be provided by the BOI, while the AfDB would release $500m; $200m was promised by IFAD. He explained that the zones were designed to concentrate agro-processing activities within areas of high agricultural potential, adding that the bank was collaborating with the Federal Ministry of Agriculture and Rural Development to implement the project in Nigeria.
The Technical Adviser to the Minister of Agriculture and Rural Development, Richard-Mark Mbaram, stated that SAPZ would be formally inaugurated at the 2020 edition of the Feed Nigeria Summit, the country’s flagship agricultural sector convocation, set to hold in December. Punch