IDB, others earmark $520m for Nigeria’s agro-industrial zones

The Senior Special Adviser to the President of the Africa Development Bank on Industrialisation, Prof Banji Oyeyinka, has disclosed that $520m has been earmarked for the development of the first phase of Special Agro-industrial Processing Zones in some selected states across Nigeria.

According to him, the AfDB committed $160m; the Africa Growing Together Fund $50m; the Islamic Development Bank, $150m, while the International Fund for Agricultural Development committed $160m for the development of the project in Nigeria.

He added that the project would be inaugurated in the selected states before the end of the year.

Meanwhile, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed that the Federal Capital Territory, Kaduna, Kwara, Kano, Imo, Cross River, Ogun and Oyo would be benefiting from the project.

She said this was based on an assessment of their state of readiness, adding that other states were to be selected to participate in subsequent phases.

This was contained in a statement on Tuesday by the Special Adviser on Media to FCT Minister of State, Austine Elemue.

According to the statement, Oyeyinka, Ahmed and the Minister of State, FCT, Dr Ramatu Aliyu, participated in the FMFBNP/AfDB SAPZ High-Level virtual discussions on Monday.

The statement was titled ‘Partners commit $520m to develop SAPZ in Nigeria’.

It read, “The Senior Special Advisor to the President of the Africa Development Bank on Industrialization, Prof. Banji Oyeyinka, revealed that the AfDB has committed the sum of $160m, the Africa Growing Together Fund has committed $50m, the Islamic Development Bank has committed $150m, while the International Fund for Agricultural Development committed $160m, bringing the total to $520m for the development of the project in Nigeria.

“He, therefore, gave assurance of the commitment and readiness of the bank and other partners to officially flag off the project in Nigeria before the end of 2021.”

Ahmed disclosed that the Federal Capital Territory tops the list of beneficiaries.

Other states selected to benefit from the first phase of the SAPZ establishment project in Nigeria include Kaduna, Kwara, Kano, Imo, Cross River, Ogun and Oyo, based on an assessment of their state of readiness.

Other states are to be selected to participate in subsequent phases.

The minister said the FCT administration was fully committed to the success of the project, adding that it would facilitate the development of satellite towns and rural communities, create jobs and employment, enhance security of lives and property, generate wealth, and improve governance outcomes. PUNCH