The African Development Bank (AfDB) is set to initiate the disbursement of $540 million to kickstart the development of Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. This move, aimed at enhancing food security, will benefit three states in the first phase: Oyo, Kaduna, and Cross River, with others expected to follow suit upon completing documentation requirements.
The Senior Special Adviser on Industrialization to the AfDB President, Prof. Banji Oyelaran-Oyeyinka, revealed this during a presentation to Vice President Kashim Shettima at the Presidential Villa. The SAPZ initiative aims to transform rural areas into economic hubs, fostering inclusive and sustainable agro-industrial development.
Oyelaran-Oyeyinka highlighted that the project is government-enabled but private-sector-driven, emphasizing the need for states to secure partners for equity participation. Additionally, he outlined eligibility criteria for states and stressed the importance of expediting documentation to accelerate the project’s implementation.
Meanwhile, in a separate report on the visit to the Ajaokuta Steel Company Limited, the United Nations Industrial Development Organization (UNIDO) proposed a recovery plan involving rehabilitation, modernization, and expansion of the steel plant. Vice President Shettima urged immediate action, emphasizing the imperative of translating visions into tangible outcomes.
Shettima underscored the need for concrete actions, stating that discussions alone are insufficient without corresponding implementation. He cited examples of transformative initiatives in other countries, emphasizing the potential for Nigeria to emulate such success stories through determined action and collective effort.
