Announcement at 2024 End-Of-Year Review:
During Channels Television’s 2024 End-Of-Year Review focused on agriculture, food security, and investments by the African Development Bank (AfDB), the Director General of the AfDB Nigeria Office, Abdul Kamara, announced the forthcoming release of a $2.2 billion fund dedicated to the Special Agro-Industrial Process Zones (SAPZ) in Nigeria.
Rollout and Development Plans:
Kamara detailed that the funds will be used to establish agro-industrial hubs, aggregation centers, and to bolster agricultural transformation programs. He specified that while not all states would start simultaneously, the first contracts are expected to be signed in 2025, initiating mobilization and construction in selected areas.
Overcoming Initial Delays:
The project, which received approval from the AfDB Board back in 2021, faced initial delays due to the complexities of coordinating with various stakeholders. Kamara explained that securing agreements with the Federal Government of Nigeria and co-financiers like the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank was crucial but time-consuming.
Progress and Future Commitment:
After productive discussions with state governors from seven states including the Federal Capital Territory (FCT), Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara, steps have been taken to speed up the implementation of SAPZ. This includes the publication of bidding documents to streamline the process.
Financial Commitments and Expectations:
Kamara highlighted that the recent African Investment Forum garnered pledges amounting to $2.2 billion, emphasizing the commitment to make SAPZ a success akin to other global projects. He noted that the AfDB’s direct contribution is around one billion dollars, which, when combined with contributions from other partners, significantly amplifies the total investment.
This initiative is poised to transform Nigeria’s agricultural landscape by enhancing processing capabilities, improving market access, and fostering economic growth through agro-industrial development.
