Buhari, AfDB, others to launch N234bn special agro-industrial zones scheme today

President Muhammadu Buhari, jointly with the African Development Bank (AfDB), the Islamic Development Bank (IsDB) and the International Fund for Agricultural Development (IFAD) will launch the $538 million (about N234 billion) Special Agro-industrial Processing Zones (SAPZ) initiative for Nigeria today. According to a statement from AfDB, the launch of the scheme taking place in Abuja […]

President Muhammadu Buhari, jointly with the African Development Bank (AfDB), the Islamic Development Bank (IsDB) and the International Fund for Agricultural Development (IFAD) will launch the $538 million (about N234 billion) Special Agro-industrial Processing Zones (SAPZ) initiative for Nigeria today.

According to a statement from AfDB, the launch of the scheme taking place in Abuja will herald the implementation of SAPZ phase 1, and sends a strong message about Nigeria’s commitment to significantly transform its agriculture sector, create jobs, achieve food security, and generate economic revenue.

• Police arrest 2 for brutalising female student in Nasarawa
• Kidnapping: Police partner Fulani leaders, vigilantes in Kwara

The first phase of the Nigeria SAPZ programme is co-financed by key development partners to the tune of $538.05m.

AfDB is providing $210m of the fund, IsDB and IFAD will provide combined funding of $310m while Nigeria is contributing $18.05m.

The two-day event will bring together government officials, implementing partners, potential investors, farmers, agripreneurs, members of the diplomatic corps, and the development community.