News in brief:
– AfDB commits $1 billion to expand Nigeria’s Special Agro-Industrial Processing Zones program, aiming to address agricultural challenges in the Northwest region.
– The investment targets increased productivity, value addition, and market access, benefiting local farmers, creating jobs, and transforming commodities.
This investment targets increasing productivity, value addition, and market access for agricultural products through government-enabled and private sector-driven investments.
The development institution made the announcement during a meeting with seven newly elected Northwest state governors. The parties talked about strengthening cooperations and unlocking the country’s vast agricultural potential.
The Northwest region of Nigeria is home to 10 million of the country’s 22 million herds of cattle and has a population of approximately 60 million people, which is 28% of the country’s total. Thus, there is a potential that it can contribute greatly to the overall economic transformation.
However, the region faces challenges such as inadequate infrastructure, weak extension services, limited value addition, and poor integration into domestic and regional markets, leading to high poverty and food insecurity rates.
The AfDB’s $1 billion investment will support up to 25 of Nigeria’s 36 states, enabling them to establish SAPZs that will benefit local farmers, create jobs, and transform commodities into high-value products.
AfDB President Akinwumi Adesina emphasised the importance of collaboration among the coalition of governors in selecting agricultural hubs to host the SAPZs. He too highlighted the potential of the region for meat processing, given its abundant livestock resources.
The bank’s executive further noted the institution’s previous investments in the region like the $85 million Zaria Water Supply and Sanitation Project and the $134 million budget support funding for the National Agriculture Growth Scheme.
The expansion of the SAPZ program in Nigeria is expected to significantly boost the country’s agricultural productivity, create employment opportunities, and enhance food security, particularly in the Northwest region.
