Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) project has received a significant investment boost, securing over $2.2 billion in investment interests at the recently concluded Africa Investment Forum in Rabat, Morocco.
The investment pledges were facilitated by the African Development Bank (AfDB), the initiator of the program.
The funds will be utilized for phase 2 of the program, which aims to create agro-industrial hubs that drive productivity, enhance food security, raise living standards, and create jobs.
The program is currently operational in eight states, including Cross River, Imo, Ogun, Oyo, Kaduna, Kano, Kwara, and the FCT.
The AfDB plans to extend the program to 24 additional states.
AfDB Group President, Dr. Akinwunmi Adesina, expressed delight at the investment boost, noting that it will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization.
He said:“This is a defining moment for Nigeria’s agricultural transformation,” The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization.
“These investments exemplify the power of collaboration to achieve sustainable development in Africa.”
Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to the AfDB President, stressed the need for Nigeria to industrialize agriculture to increase productivity and economic growth.
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