The African Development Bank (AfDB) has announced a $1 billion financing plan for the second phase of its Special Agro-Industrial Processing Zones (SAPZ) programme, covering 28 states in Nigeria.
AfDB President, Dr. Akinwumi Adesina, revealed this during the inauguration of a soybean plant and refinery by CSS Global Integrated Farms in Gora, Karu Local Government Area, Nasarawa State. Adesina lauded the ultra-modern refinery as a significant step for Nigeria’s agricultural sector, highlighting its role in reducing crude soybean oil imports, which cost the country $62.2 million in 2023.
Expressing concern over high food prices and hunger, Adesina urged the Federal Government to implement bold policies to support farmers and agribusinesses. He cited the current N100,000 price for a bag of rice as evidence of worsening food insecurity compared to its N8,000 cost a decade ago during his tenure as Minister of Agriculture.
Adesina emphasized that SAPZs would accelerate agricultural value chains by boosting food production, processing, and market supply. The ongoing $538 million SAPZ programme is being implemented in seven states—Cross River, Imo, Oyo, Ogun, Kaduna, Kano, and Kwara—along with Abuja. The second phase will extend to the remaining states, including Nasarawa, where CSS Farms will serve as an anchor investor.
He called on the government to provide incentives for agribusinesses to enhance food production, processing, and value addition, ensuring the agricultural sector becomes a driver of economic growth.
