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.
The President of the African Development Bank Group, Dr Akinwumi Adesina, stated, “This is a defining moment for Nigeria’s agricultural transformation.
“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization. These investments exemplify the power of collaboration to achieve sustainable development in Africa.”
The SAPZ Nigeria programme is a nationwide, government-enabled, and private-sector-led investment initiative designed to revolutionize Nigeria’s agricultural sector. SAPZs are strategically located in regions with high agricultural production potential.
These zones are equipped with infrastructure, common services, and policy incentives to attract and integrate agricultural and industrial businesses.
The Vice President for Agriculture, Human and Social Development at AfDB, Dr Beth Dunford, chaired the presidential boardroom session, which included remarks from AfDB President Dr. Akinwumi A. Adesina and other key figures.
The Adviser to President Bola Tinubu on Foreign Direct Investment, Princess Audu, represented Nigeria’s Vice President at the event.
The Senior Special Adviser on Industrialization, Prof Banji Oyelaran-Oyeyinka, highlighted the achievements of Phase I and outlined the roadmap for Phase II.
He confirmed that Phase I construction will commence within a few months, with a flag-off ceremony planned for December.
The Director-General for Nigeria at AfDB, Dr Abdul Kamara, expressed enthusiasm for the investments.
“I am pleased to see this significant investment interest and commitment from our financing partners for Nigeria at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities, and boost economic growth,” he said.
SOURCE: PUNCH
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