The President of the African Development Bank Group (AfDB), Dr Akinwumi Adesina, has unveiled plans to allocate a substantial $1 billion in financing for the expansion of the Special Agro-Industrial Processing Zones (SAPZ) program.
This initiative, introduced in Nigeria in October 2022, aims to catalyze increased productivity, amplify value addition, and facilitate market access through a collaborative effort involving government support and private sector investments.
Dr Adesina, while addressing a delegation of North-western state governors, including Katsina State Governor Mallam Dikko Radda, emphasized the pivotal role of SAPZ in transforming strategic commodity value chains.
He encouraged the governors to promptly select agricultural hubs to host these zones, envisaging significant benefits for local farmers and job creation across various value chains.
“These zones will benefit local farmers and create jobs throughout the value chains. They will provide unprecedented opportunities to transform commodities into high-value products, reduce waste and post-harvest losses, boost incomes, increase profits, and plough money back into your rural economies,” stated Dr Adesina.
The president also underscored the potential for meat processing in the North-west region, particularly in livestock, and proposed substantive discussions on establishing beef processing zones.
Dr Adesina affirmed the AfDB’s steadfast commitment to supporting Nigeria in mitigating the impacts of high food and energy prices, addressing the challenges posed by food price inflation and fostering sustainable economic development.