The African Development Bank (AfDB) has announced a $1 billion financing plan for the second phase of its Special Agro-Industrial Processing Zones (SAPZ) program. This phase will extend to 28 states in Nigeria, following the first phase, which covered seven states and the Federal Capital Territory (FCT).
AfDB President, Dr. Akinwumi Adesina, disclosed this during the inauguration of a soybean plant and refinery by Called Servant to Service (CSS) Global Integrated Farms in Karu, Nasarawa State. The refinery, capable of producing 10,000 liters of soybean oil daily, marks a significant milestone in Nigeria’s agricultural sector and aims to reduce soybean oil imports, which cost $62.2 million in 2023.
Dr. Adesina highlighted the success of the SAPZ program, emphasizing its impact on enhancing agribusiness operations like CSS Farms. He revealed that the first phase, a $538 million initiative supported by AfDB and its partners, covered Cross River, Imo, Oyo, Ogun, Kaduna, Kano, and Kwara states.
The second phase, in collaboration with the Arab Bank for African Economic Development and private sector partners, seeks to scale SAPZ to the remaining states. At the Africa Investment Forum (AIF) in Morocco, AfDB and partners secured $2.2 billion in investment interest for SAPZ development.
Adesina also commended CSS Farms for improving food production, promoting agribusiness among youth, and earning ISO 9001 certification. Nasarawa State is set to benefit from SAPZ’s expansion, with CSS Farms serving as a key anchor investor.
The initiative underscores AfDB’s commitment to transforming Nigeria’s agricultural landscape through industrialization and strategic investments.
Source: nairametric
