The African Development Bank (AfDB) is providing $210 million for the development of the Special Agro-Industrial Processing Zones (SAPZ) programme in Nigeria.

AfDB’s President, Akinwumi Adesina, disclosed this in his virtual address at the inauguration of SAPZ programme on Monday in Abuja.

SAPZ programme, inaugurated by Vice President Yemi Osinbajo, is a government-enabled and private sector-led initiative to mobilise private sector investment to develop value chains for selected strategic crops and livestock in participating states.

Adesina said to fully unlock the potential of Nigeria’s agriculture, more needs to be done to promote and support the agribusiness sector.

He said SAPZs will put them close to farmers in production catchment areas, provide market offtakes for farmers, support processing and value addition, reduce food losses, and allow the emergence of highly competitive food and agricultural value chains.

The AfDB boss said that SAPZ would reduce rural to urban migration, expand the fiscal space, and enhance the emergence of competitive agricultural value chains.

He said that the SAPZ would help to transform rural economies of Nigeria from zones of economic misery to zones of economic prosperity, boosting wealth and livelihoods.

Adesina added that he is delighted that the SAPZ has finally become a reality in Nigeria.

“The AfDB is providing $210 million for the development of the SAPZs in Nigeria.

“We are delighted with our partnership with the Islamic Development Bank (IsDB) which is co-financing with $150 million, and with the International Fund for Agricultural Development (IFAD) which is co-financing with $160 million.”

Adesina said the SAPZ programme in Nigeria is the largest in Africa.

Adesina said that the inauguration of SAPZs marked the beginning of a long journey of transformation.

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“The SAPZ will help feed Nigeria; the SAPZs will help transform Nigeria’s rural economies, help to expand fiscal space; and fully unlock Nigeria’s agricultural potential.

“The SAPZs will create millions of jobs; let us travel this journey together; Nigerians deserve the results; lower food prices, food security, and wealth for rural areas,’’ he said.

Earlier in her speech, Zainab Ahmed, the Minister of Finance, Budget and National Planning, said it is the desire of President Muhammadu Buhari to resuscitate the vigour of having agro-processing zones in Nigeria.

She said SAPZ is aimed at promoting the agriculture value-chain, to empower youths and revitalise non-functional investments in agriculture and to curtail the level of importation of products that could be locally produced in the country.

Ahmed said that the first phase of the SAPZ programme will kick-start with a credit facility of $410 million already from secured from co-financing development partners – AfDB, IsDB and IFAD.

The Star