$540 million will be distributed by the African Development Bank (AfDB) to the first group of Nigerian states in order to create Special Agro-Industrial Processing Zones (SAPZs).
It’s time for the government and its development partners to walk the talk, Vice President Kashim Shettima said, calling for swift action.
Phase one of the establishment of processing zones will benefit three states: Oyo, Kaduna, and Cross River; the other states will receive theirs as soon as their documentation is completed. This is part of the efforts being made by the Nigerian government and the bank to guarantee food security in the nation.
Prof. Banji Oyelaran-Oyeyinka, Senior Special Advisor on Industrialization to the President of the African Development Bank, made this revelation yesterday at the Presidential Villa during the presentation of separate reports by the bank and the United Nations Industrial Development Organisation (UNIDO) to Vice President Kashim Shettima regarding the state of projects being carried out in Nigeria.
In a statement released by the Office of the Vice President’s Senior Special Assistant to the President on Media and Communication, Stanley Nkwocha, who presented the AfDB to Vice President Oyelaran-Oyeyinka, stated:
“The Special Agro-Industrial Processing Zones (SAPZ) is an initiative of the African Development Bank that is aimed at turning the rural landscape into economic zones of prosperity and harnessing the power of commercial agriculture and food.
“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria. The phase one of the project is at the point of disbursement. Kaduna, Oyo and Cross River States are all in the process of receiving disbursements and we hope for the other states, they can speed up with their documentation so that we can fast-track these states.
“We raised $540,000,000 in catalytic funding and we expect every state to find a partner that will bring equity and join up with them. It is a government-enabled project but private-sector driven.”
cc: Punch Ng
