Agro-Revolution Unleashed: AfDB To Inject $540 Million Into SAPZs Development, Nigeria’s Food Security In Focus

Agro-Revolution Unleashed: AfDB To Inject $540 Million Into SAPZs Development, Nigeria’s Food Security In Focus

In a significant move towards bolstering food security in Nigeria, the African Development Bank (AfDB) is gearing up to kickstart the disbursement of a staggering $540 million….Read more related story here Agric Minister Unites Governors For Food Security Talks In Abuja

This funding is earmarked for the initial phase of developing Special Agro-Industrial Processing Zones (SAPZs) across the country.

Vice President Kashim Shettima, urging immediate action, emphasized that it’s time for the government and its development partners to translate plans into tangible results.

Underlining the commitment to enhancing food security, three states—Oyo, Kaduna, and Cross River—are slated to be the beneficiaries in the first phase of SAPZs development. Other states are poised to follow suit as soon as their documentation processes are finalized.

Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialization to the AfDB President, revealed this during a presentation to Vice President Kashim Shettima. The initiative, the Special Agro-Industrial Processing Zones (SAPZ), seeks to transform rural landscapes into thriving economic zones by harnessing the potential of commercial agriculture and food production.

In a statement by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communication, Office of the Vice President, Oyelaran-Oyeyinka affirmed, “The phase one of the project is at the point of disbursement. Kaduna, Oyo, and Cross River States are all in the process of receiving disbursements, and we hope for the other states, they can speed up with their documentation so that we can fast-track these states.”

With a catalytic funding of $540 million, this initiative stands as a government-enabled and private-sector-driven endeavor, aiming to transform Nigeria’s agricultural landscape and pave the way for inclusive and sustainable agro-industrial development.