AfDB secures $2.2bn for Nigeria’s agro-Industrial hubs
The African Development Bank Group has mobilized $2.2 billion to support the second phase of Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) initiative.
This disclosure was made at the Africa Investment Forum in Morocco, where Nigerian governors, diplomats, multilateral organizations, and private sector investors gathered to demonstrate their commitment to advancing agro-industrial development, creating jobs, and strengthening food security in Nigeria.
According to a statement released on Tuesday by the bank, the new funding builds on the success of the first phase and underscores a commitment to scaling up investments that connect both federal and state governments to critical agricultural infrastructure.
The bank stated that the boardroom session attracted prominent investors, including Arise IIP, the Arab Bank for Economic Development in Africa, the Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the US Development Finance Corporation.
“By the end of the session, a total deal value of $2.2bn was announced, marking a major milestone for SAPZ Nigeria Phase II,” the bank declared.
Phase I of the SAPZ program has already benefited states like Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory.
Phase II will extend to 24 more states over the next three years, further connecting Nigeria’s agriculture to agro-industrialization to foster economic growth.
The President of the African Development Bank Group, Dr Akinwumi Adesina, stated, “This is a defining moment for Nigeria’s agricultural transformation.
“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization. These investments exemplify the power of collaboration to achieve sustainable development in Africa.”
The SAPZ Nigeria program is a nationwide initiative, driven by the government and led by the private sector, aimed at transforming Nigeria’s agricultural sector.
Strategically located in regions with high agricultural potential, SAPZs are equipped with essential infrastructure, common services, and policy incentives to attract and integrate agricultural and industrial businesses.
The Vice President for Agriculture, Human and Social Development at AfDB, Dr Beth Dunford chaired the presidential boardroom session, which featured remarks from AfDB President Dr. Akinwumi A. Adesina and other prominent figures.
The Adviser to President Bola Tinubu on Foreign Direct Investment, Princess Audu, represented Nigeria’s Vice President at the event.
