The President of the African Development Bank, Akinwumi Adesina, has announced a $4.4 billion investment to expand the Special Agro-Industrial Processing Zones across all 36 states and the FCT.
In an interview with Arise TV, Adesina emphasized that agricultural transformation plays a vital role in driving broader economic growth. The initiative aims to transform agriculture by creating agro-processing clusters that will enhance productivity, add value, and generate employment, particularly in rural areas.
Adesina emphasized the importance of agriculture in economic development, stating, “Transformation without agricultural transformation is incomplete because agriculture touches the lives of people at the grassroots level.”
He further explained that the SAPZ initiative aims to establish economic zones close to farmers, providing essential infrastructure such as power, water, roads, digital connectivity, and irrigation systems to enhance productivity and growth.
Adesina explained that these facilities will draw agro-processing companies, minimizing post-harvest losses and creating employment opportunities. By connecting farmers with processors, the initiative will stimulate rural economic growth and wealth generation.
The AfDB has already invested over $3 billion in SAPZ projects across 11 African countries. In Nigeria, the initial fundraising target was $750 million, but it was significantly surpassed, reaching $2.2 billion before later increasing to $4.4 billion.
“We initially put together an $851 million program in collaboration with the Islamic Development Bank and the International Fund for Agricultural Development. At the Africa Investment Forum last December, I engaged Nigerian governors to secure additional funding. We started with a target of $750 million but ultimately raised $2.2 billion, which later grew to $4.4 billion,” Adesina revealed.
Adesina highlighted that the SAPZ initiative will enable Nigeria to process more agricultural produce locally, tackling infrastructure challenges that have long forced raw commodities to be transported to urban areas for processing. He noted the model’s success in several African countries and expressed confidence in its positive impact on Nigeria.
