AfDB, IDB, Others To Provide $1bn Funding For Nigeria ‘s Agric Sector

The African Development Bank (AfDB), Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD) have decided to provide an additional $1 billion for the development of eight special agro-industrial processing zones in Nigeria, four months after approving $520 million for the project.

The fund is to be disbursed to special agro-industrial processing zones (SAPZs) in 24 states in Nigeria, and a move to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop SAPZs in 13 countries.

The AfDB President, Akinwunmi Adesina revealed this at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America on Friday.

He said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized additional co-financing of $661 million, for a total commitment of $1.5 billion.

“We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.”

Disclosing how the funds were voted for and contributed, Adesina said, “For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria.

“The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria,” in a statement signed by Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications

He, however, regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”

He said the development will combine the power of science, technology, policies, and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself, with pride.