Good times are here for the Nigerian agricultural sector after the African Development Bank Group (AfDB) stepped up the long-awaited $2.2 billion in capital mobilisation for its transformative Special Agro-Industrial Processing Zones Nigeria Phase II Project.

A release by AfDB said the move is in line with its resolve to revolutionise Nigeria’s agricultural sector adding the Phase 11 project is expected to create agro-industrial hubs that drive productivity, enhance food security, raise living standards, and create jobs.

The Bank’s Director General for Nigeria, Dr. Abdul B stated during the Africa Investment Forum that state governors, leaders from multilateral development organisations, the diplomatic corps as well as private sector investors have also expressed support towards scaling up financing to Federal and State Governments of Nigeria connected to the Special Agro-Industrial Processing Zones (SAPZ) Nigeria initiative.

According to him, states like Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, and Kano as well as the Federal Capital Territory have been benefiting from the program. The Bank revealed that SAPZ Nigeria Phase II is underway to expand to an additional 24 states in Nigeria in the next 3 years and will link Nigeria’s agriculture to agro-industrialisation to drive economic growth.

“I am pleased to see this whopping investment interest and commitments by 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
“The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialisation. These investments exemplify the power of collaboration to achieve sustainable development in Africa,” said Dr. Abdul B. Kamara

The SAPZ Nigeria Programme is a country-wide government-enabled and private-sector-led investment program that will provide infrastructure for the establishment of agro-industrial zones, strengthen institutional capacity and business environment for agro-industrial development and support agricultural productivity, skills, and private investment across value chains.