The African Development Bank (AfDB) and its partners have voted $1 billion to fund special agro-industrial processing zones in 24 States of the nation.
Other partners that voted for the money include the Islamic Development Bank (IDB) and the International Fund for Agricultural Development.
This was announced on Friday by the AfDB President, Dr. Akinwumi A. Adesina, at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.
Vice President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, on Wednesday delivered his keynote address at the ongoing Dialogue, a statement by the Vice President’s media aide, Stanley Nkwocha, said.
In his speech titled, “From Dakar to Des Moines,” Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.
“We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food,” he stated.
“The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.
“For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”
Adesina regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”
He, however, described the Norman Borlaug International Dialogue World Food Prize 2023, as a “journey and narrative of how we are combining the power of science, technology, policies, and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself, with pride.”
The AfDB President thanked Shettima and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event, saying their presence is an indication “that Africa has the political will and is fully ready to tackle food insecurity and make hunger history” on the continent.
