The African Development Bank (AfDB) will commence the disbursement of a $2.2 billion for the development of Special Agro-Industrial Processing Zones (SAPZ) in Nigeria, starting in 2025.
AfDB’s Nigeria Director-General, Abdul Kamara, disclosed this during Channels Television’s 2024 End-of-Year Review.
He revealed the funds will support agro-industrial hubs, aggregation centres, and agricultural transformation projects in the FCT, Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara states.
While the SAPZ programme was approved in 2021, Kamara explained that delays stemmed from finalising agreements with the Federal Government and co-financiers, including IFAD and the Islamic Development Bank.
He assured that bidding processes are now underway to accelerate implementation.
Kamara also highlighted additional commitments secured during the African Investment Forum, boosting total funding to $2.2 billion.
The AfDB is contributing $1 billion, with the remainder provided by co-financiers.