Photo caption: AfDB President, Akinwumi Adesina
The African Development Bank Group has facilitated the mobilisation of $2.2bn to advance the second phase of Nigeria’s Special Agro-Industrial Processing Zones initiative.
This commitment was made during the Africa Investment Forum, Morocco, where Nigerian state governors, leaders from multilateral development organisations, diplomats, and private sector investors gathered to show their support.
According to a statement released on Tuesday by the bank, the new funding builds on the success of the first phase and underscores a commitment to scaling up investments that connect both federal and state governments to critical agricultural infrastructure.
The bank said the boardroom session attracted leading investors such as Arise IIP, the Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the US Development Finance Corporation.
“By the end of the session, a total deal value of $2.2bn was announced, marking a major milestone for SAPZ Nigeria Phase II,” the bank declared.
Phase I of the SAPZ programme is already benefiting states such as Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory.
Phase II will expand to 24 additional states over the next three years, further linking Nigeria’s agriculture to agro-industrialization to drive economic growth.
