News in brief: Nigeria secures a $1 billion loan from the AfDB and other development partners to expand Special Agro-Industrial Processing Zones in 24 states, aiming to boost agricultural productivity, reduce poverty, and address hunger in the country.
Nigeria has secured a $1 billion loan to develop special agro-industrial processing zones (SAPZs) in 24 states of the country.
The country signed the deal with the African Development Bank (AfDB), the Islamic Development Bank (IDB), and the International Fund for Agricultural Development (IFAD).
AfDB president, Akinwumi Adesina, made the remarks at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa.
In #Nigeria, @AfDB_Group, @isdb_group + @IFAD are investing $520m for the development of 8 Special Agro-industrial Processing Zones. The 2nd phase aims to mobilize $1b for Nigeria, to expand to 24 States. @akin_adesina. #SAPZNigeria #FeedAfrica #DakarToDesMoines #HarnessingChange pic.twitter.com/wkHuGzSNKa
— African Development Bank Group (@AfDB_Group) October 26, 2023
This loan joins an initial $520 million commitment it received from the same development partners in 2021 to develop eight special agro-industrial processing zones in the country.
In his “From Dakar to Des Moinesâ, speech, Adesina said that the decision to invest such huge funds into Nigeriaâs agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries. He added that it was an important move in supporting the development of agricultural value chains.
The bank’s chief said the support cuts across the ood processing and value addition, and includes enabling infrastructure and logistics to promote local, regional, and international trade in food.
Meanwhile, the development bank will be providing $853 million of a $1.5 billion investment in buidling 25 SAPZs in the 13 countries. The remaining $661 million will be mobilised from co-financing partners.
Adesina regretted that while much progress has been made in African agriculture, 283 million people still go to bed hungry, which is about a third of the 828 million people that suffer hunger globally.
He reiterated his commitment to ensuring that Africa fully unlocks its agricultural potential, and feeds itself with pride. This $1 billion investment is expected to boost Nigeria’s agricultural productivity and competitiveness, and help to reduce poverty and hunger in the country.
