Nigeria Leverages $10bn AfDB Portfolio For Agricultural Expansion To 24 States

The Nigerian government has secured funding commitment from the African Development Bank (AfDB) to operationalize the second phase of the Special Agro-Industrial Processing Zones (SAPZ), which will expand the programme from the initial eight states to 24 additional states.

Vice President Kashim Shettima made the request during a bilateral meeting with AfDB President Dr Sidi Ould Tah in New York, United States, on the sidelines of the 80th Session of the United Nations General Assembly (UNGA).

The expansion is aimed at diversifying Nigeria’s mono-product economy toward value-added agricultural export through climate-resilient infrastructure and inclusive agro-industrial growth.

Justifying the funding request, Shettima noted Nigeria’s position as the largest shareholder in the AfDB, with a portfolio hovering in the neighborhood of over $10bn .

“We urge you to further support us in the phase 2 Special Agro-Industrial Processing Zones (SAPZ). You assisted us with $300 million when you were in Liberia. We want to thank you, but like Oliver Twist, we are asking for more because we are poised to diversify our mono-product economy into agriculture, especially value-added agricultural exports.

“And we have the potential in all the agro-ecological zones in Nigeria. From the mangrove forest swamps in the south to the Sahelian region in the far north, you can virtually grow anything. In states like Kebbi, the soil is very fertile,” he emphasised.

The VP added that Nigeria boasts a resourceful youth population that is development-oriented and eager to be co-opted into the workforce of the 21st century.

Shettima implored the AfDB President to also look into the issue of the bank’s support for innovation-driven enterprises, instead of focusing only on MSMEs, noting that the digital space offers a vista of opportunities for Africa’s development.

“We can catalyse and accelerate the digital space in Africa. Already, out of the eight unicorns in Africa, five are from Nigeria – Moniepoint, Jumia, and the rest. We want to once again reiterate that we are with you, we are for you, and we will stand by you,” VP Shettima told Dr Tah.

In his remarks, Minister of Environment, Mallam Balarabe Lawal, sought the support of the bank for the Pan African Great Green Wall Initiative, especially Nigeria’s Great Green Wall Project.

He said, “I want to appeal for the extension of your support to Nigeria’s National Agency for the Great Green Wall. The agency is responsible for containing desertification in the Sahelian part of Africa. I also want to plead that you look at what we have done so far in addressing environmental degradation in the 11 frontline States.

“We have already submitted our proposal to the Ministry of Finance on the issue of clean cooking policy, which is also directly linked to the afforestation process. It is important because it will address two issues of deforestation and health.”

On his part, Minister of Housing and Urban Development, Alhaji Ahmed Dangiwa, appealed to the AfDB boss to support the ministry in addressing the housing deficit, adding that the housing sub-sector needs substantial funding.

AfDB’s President, Dr Sidi Ould Tah, assured that under his leadership, the bank will spare no effort to provide Nigeria with the support it deserves in terms of developing its human capital.

“My vision for the bank is not as a lending institution, but as a catalyst institution with which to mobilise resources and capital from all over the world to Africa. I hope we can really bring capital to the continent to make the transformation of our continent possible and bring value to the agricultural sector.

“This is why my four cardinal points are: mobilise large-scale capital through partnerships, reform Africa’s financial architecture, convert the continent’s demographic dividend into economic strength for job creation, and industrialise Africa by harnessing its natural resources to add value and build resilient infrastructure.

“These points form my roadmap to guide the bank’s strategy and accelerate Africa’s development, and I’m confident that with your support, the bank will be able to bring transformation to the continent,” the AfDB President said.

Meanwhile, Shettima also held a bilateral meeting with the Prime Minister of St. Kitts and Nevis, Dr Terrance Drew, where they recommitted to strengthening economic and cultural ties.

The VP assured Drew of Nigeria’s determination to rekindle friendship and brotherhood between both nations.

He said, “Going forward, we should have robust engagement and understanding. We should stand by each other. We should stand for one another. We should support each other’s interests.

“For St. Kitts and Nevis, and Nigeria, what binds us together supersedes whatever divides us. The majority of the population of the Caribbean is of African descent. A large chunk of them are English-speaking countries. Quite a number of them belong to the Commonwealth. So, the commonalities we share are so significant, but contact has been low, relative to what it ought to be.”

“So, your Excellency, I want to assure you that my boss is very keen on rekindling that friendship, that sense of brotherhood and sisterhood, and see to it that going forward, we should have robust engagement and understanding,” he added.

On his part, Dr Drew, who decried the low level of trade and contact between Caribbean countries and Africa, expressed the country’s readiness to work closely with Nigeria to boost trade on the African continent.