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.

Read:  Digital Economy - 75000 to Get NITDA Training in Kaduna.

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.”

Read:  CACOVID donates fully equipped 100-bed isolation centre to Kwara

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.

Read:  Q2 Report - Nigeria's Economy Outperformed Us, Others.

“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.

Related posts

Presidency, CBN, NASS, Back Lagos Recovery Effort As Sanwo-olu Unveils Team.


Lagos-Ibadan rail service begins in September


Nigeria ranked Africa’s biggest economy in energy.


Buhari thanks honest Nigerian student in Japan, Ikenna Nweke


Lagos records zero case of COVID-19 in 24 hours


Abike Dabiri-Erewa at Regions Stroke and Neuroscience Hospital


Leave a Comment