New Agro-Industrial Progressing Zones Initiative Coming To Nigeria

Posted by Eric Ojo Latest Headlines, News Across Nigeria Friday, October 21st, 2022

(AFRICAN EXAMINER) – The first phase of the special new Agro-industrial Processing Zones (SAPZ) initiative for Nigeria will be launched on Monday in Abuja, Nigeria’s federal capital city.

President Muhammadu Buhari, jointly with the African Development Bank (AfDB), the Islamic Development Bank and the International Fund for Agricultural Development will officially launch the project.

The launch will herald the implementation of SAPZ phase 1, and send a strong message about Nigeria’s commitment to significantly transform its agriculture sector, create jobs, achieve food security, and generate economic revenue

The SAPZ 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.

The first phase of the Nigeria SAPZ programme is co-financed by key development partners to the tune of $538.05 million. The AfDB is providing $210 million. The Islamic Development Bank and the International Fund for Agricultural Development will provide combined funding of $310 million. The government of Nigeria is contributing $18.05 million.

The two-day event which will be held at the Statehouse on Monday and at the AfDB Nigeria country office on Tuesday, will bring together government officials, implementing partners, potential investors, farmers, agripreneurs, members of the diplomatic corps, and the development community.