Business
AfDB Set to Drive Nigeria’s Agricultural Development with $2.2 Billion Funding
- AfDB Discuss Banks zplan for 2025
- The Programme is expected to target 7 states
The African Development Bank (AfDB) has announced a $2.2 billion funding package to develop Special Agro-Industrial Processing Zones (SAPZ) across Nigeria, aimed at transforming the nation’s agriculture sector and addressing food insecurity.
Eko Hot Blog reports that Abdul Kamara, the Director General of the AfDB Nigeria Office, made this announcement during a recent interview with Channels Television, where he discussed the bank’s plans to begin disbursing the funds in 2025, with construction and mobilization starting in selected states.
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“Specifically from next year (2025), we will see contracts signed and mobilization and construction on-site will start in some states. Of course, not all the states will start together,” the DG of the Nigeria board of AfDB stated.
The SAPZ initiative is indeed expected to bring significant benefits to Nigeria’s agricultural sector, including increased productivity, job creation, and strengthened value chains.
The program, which was approved by the AfDB Board in 2021, aims to drive the development of agro-industrial hubs, aggregation centers, and agricultural transformation programs, ultimately enhancing food security and unlocking economic opportunities in the country.
He said despite some delays in the program’s startup, caused by the need for agreements with the federal government and co-financiers such as the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank (IsDB), the AfDB remains committed to supporting Nigeria’s agricultural sector and helping the country achieve its development goals.
“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude.
You also have to have it signed with the co-financiers. The bank had to bring in IFAD and the Islamic Development Bank as co-financiers,” he explained.
The programme will initially target seven regions, including the Federal Capital Territory (FCT), Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara. Kamara highlighted ongoing collaboration with state governors to streamline processes.
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“In all the seven states, we are now in conversation and are publishing the bidding documents so that we’ll shorten the process. The project is picking up, and that is not strange for very complex projects,” he said.
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