In a significant stride towards fostering economic development, the African Development Bank (AfDB) is poised to kickstart the allocation of $540 million earmarked for the inaugural phase of Nigerian states dedicated to the establishment and enhancement of Special Agro-Industrial Processing Zones (SAPZs).
According to leadership.ng, this initiative is set to stimulate agricultural and industrial sectors, paving the way for sustainable growth and job creation across the region.
This is just as Vice President Kashim Shettima called for immediate action, saying it is time for the government and its development partners to walk the talk.
READ: Africa: To support special agro-industrial zones in Nigeria, AfDB, Partners approve $1Bn
As part of moves by the Nigerian government and the bank to ensure food security in the country, three states are to benefit from phase one of the development of processing zones, including Oyo, Kaduna and Cross River, while others are to get theirs as soon as they are through with documentation.
Senior Special Adviser on Industrialisation to the AfDB President, Prof. Banji Oyelaran-Oyeyinka, disclosed this on Monday when a delegation of the bank and that of the United Nations Industrial Development Organization (UNIDO) presented their separate reports on the status of projects being executed in Nigeria to Vice President Kashim Shettima at the Presidential Villa.
According to a statement by the spokesman of the vice president, Stanley Nkwocha, making AfDB’s presentation to the Vice President, Oyelaran-Oyeyinka said, “The Special Agro-Industrial Processing Zones (SAPZ) is an initiative of the African Development Bank that is aimed at turning the rural landscape into economic zones of prosperity and harnessing the power of commercial agriculture and food.
“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria. The phase one of the project is at the point of disbursement. Kaduna, Oyo and Cross River States are all in the process of receiving disbursements and we hope for the other states, they can speed up with their documentation so that we can fast-track these states.
