AfDB mobilizes $540m for Nigeria to develop special agro-industrial processing zones

The African Development Bank (AfDB) will support Nigeria to develop Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.

Dr Akinwumi Adesina, President of the Bank and a former Minister of Agriculture, disclosed this while briefing President Muhammadu Buhari at State House, Abuja, on Tuesday.

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Said Dr Adesina: “We have decided to mobilize $540 for the program. The African Development Bank has approved a total of $210 million. The Islamic Development Bank, and the International Fund for Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the program.”

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The AfDB President indicated that the processing zones will initially be rolled out in seven States, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory.

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“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” Dr Adesina added.

President Buhari commended AfDB for being foresighted and proactive about food security on the continent, and Nigeria specifically.

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