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Nigeria, AfDB Others to launch Special Agro-Industrial Processing Zones Initiative Oct 24

Victor Odeyemi by Victor Odeyemi
October 22, 2022
in Agriculture&Agro-Allied, News
0
Special Agro-Industrial Processing Zones Initiative

Special Agro-Industrial Processing Zones Initiative

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The President of Nigeria, Muhammadu Buhari, jointly with the African Development Bank, the Islamic Development Bank and the International Fund for Agricultural Development will launch the Special Agro-industrial Processing Zones (SAPZ) initiative for Nigeria on 24 and 25 October 2022.

The SAPZ phase 1 implementation will be announced during the launch in the federal capital of Abuja, which also sends a clear message about Nigeria’s determination to alter its agriculture sector dramatically, create jobs, attain food security, and produce economic revenue.

Key development partners contributed $538.05 million to co-finance the first phase of the Nigeria SAPZ program. The African Development Bank contributes $210 million. A total of $310 million in funding will be given by the Islamic Development Bank and the International Fund for Agricultural Development. The Nigerian government will contribute $18.05 million.

Government representatives, implementing partners, prospective investors, farmers, agripreneurs, diplomats, and members of the development community will all be present during the two-day conference.

The event will feature the following:

Day 1 (October 24): SAPZ launch

Day 2 (October 25): Partnerships and interaction with strategic investors.

The Special Agro-industrial Processing Zones will feature world-class facilities capable of attracting global investment, particularly, private sector interest, and driving a market-oriented agricultural transformation that will boost agro-processing capacity across Africa.

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