AfDB, Partners Pledge $1 Billion to Fund Special Agric Zones in 24 States

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The African Development Bank (AfDB), Islamic Development Bank (IDB), and International Fund for Agricultural Development (IFAD) have pledged $1 billion to fund special agro-industrial processing zones in 24 Nigerian states.

This is in addition to the initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.

The pledge was made by Dr. Akinwumi A. Adesina, the President of the African Development Bank Group, at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

Dr. Adesina said 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.

“The $1 billion pledge is a significant investment in Nigeria’s agricultural sector and will help to accelerate the development of SAPZs. The SAPZs are expected to attract private sector investment and create jobs for millions of Nigerians” he said.

FARMERS VOICE NG gathered that, SAPZs are public-private partnerships aimed at developing priority value chains through developing infrastructure in rural areas, focused on finishing and transforming raw materials and commodities. The SAPZs are expected to boost agricultural productivity, create jobs, and achieve food security in Nigeria.

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