The African Development Bank has confirmed the mobilisation of $2.2 billion for its transformative Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the recent Africa Investment Forum, expected to boost agricultural output in the country.
According to the AfDB, the project will link Nigeria’s agriculture to agro-industrialisation to drive economic growth.
Leading investors include Arise IIP, Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the U.S. Development Finance Corporation.
At the boardroom meeting held on Wednesday, December 4, 2024, organisers announced a total deal value of $2.2 billion, marking a significant step towards realising the vision of SAPZ Nigeria phase II, according to a statement by AfDB on Wednesday.
It added that Cross River, Imo, Ogun, Oyo, Kaduna, Kwara and Kano states and the Federal Capital Territory (FCT), benefitted from Phase I, adding that SAPZ Nigeria Phase II will expand to an additional 24 states.
Zahrah Mustapha Audu, adviser to Nigeria’s president on foreign direct investment, represented Vice President Kashim Shettima, while the governors of Katsina, Kaduna, Lagos, Kwara and Plateau, as well as commissioners and other representatives from Kogi, Gombe, Kebbi, Imo, Anambra, and Niger, also participated in the boardroom meeting.
They reaffirmed their commitment to creating a conducive environment for the initiative, highlighting progress in land allocation, infrastructure readiness, and policy facilitation at the federal and state levels.
Akinwumi Adesina, president, of the AfDB Group, described the meeting as 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-industrialisation. These investments exemplify the power of collaboration to achieve sustainable development in Africa,” Adesina said
Beth Dunford, vice president for agriculture, human and social development, who chaired the presidential boardroom, and Banji Oyelaran-Oyeyinka, his senior special adviser on industrialisation, highlighted the achievements of Phase I and presented the roadmap for Phase II.
Oyelaran-Oyeyinka assured the audience that Phase 1 construction would commence in a few months, with the flag-off ceremony planned for this December.
“This ambitious initiative is set to revolutionise Nigeria’s agricultural sector. Building on Phase I, it is intended to create agro-industrial hubs that drive productivity, enhance food security, raise living standards and create jobs.
“The SAPZ Nigeria Programme is a country-wide government-enabled and private sector-led investment programme that will provide infrastructure for the establishment of agro-industrial zones, strengthen institutional capacity and business environment for agro-industrial development and support agricultural productivity, skills, and private investment across value chains,” he said.
Source - https://businessday.ng
