AfDB Raises $540m For Agro-industrial Processing Zones In Nigeria

In line with its agro-financing scheme, the African Development Bank (AfDB) has concluded plans to raise $540 million to support Nigeria in developing Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.

AfDB President, Dr Akinwumi Adesina, disclosed this on Tuesday while briefing President Muhammadu Buhari at the State House, Abuja.

He said, “We have decided to mobilize $540 million for the programme. The African Development Bank has approved a total of $210 million. The Islamic Development Bank, and the International Fund for Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the programme.”

According to a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina the AfDB President who is a former Minister of Agriculture in Nigeria, revealed that the processing zones will initially be rolled out in seven States, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory.

“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” the AfDB President added.

Buhari commended AfDB for being foresighted and proactive about food security in the continent, and Nigeria specifically.

Victor Ezeja

Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.