How $538m special agro-industrial processing zones will address value chain problems
The federal government and other international partners, yesterday in Abuja, launched the Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. The special agro-processing hubs will gulp $538.05 million and will be executed in a co-financing arrangement with the African Development Bank, the International Fund for Agriculture Development (IFAD) and the Islamic Development Bank (IsDB). Islamic Devt […]
The federal government and other international partners, yesterday in Abuja, launched the Special Agro-Industrial Processing Zones (SAPZs) in Nigeria.
The special agro-processing hubs will gulp $538.05 million and will be executed in a co-financing arrangement with the African Development Bank, the International Fund for Agriculture Development (IFAD) and the Islamic Development Bank (IsDB).
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It will be implemented in seven states: Kaduna, Kano, Kwara, Oyo, Ogun, Imo and Cross River, and the Federal Capital Territory (FCT).
While launching the programme on behalf of President Muhammadu Buhari, the Vice President, Prof Yemi Osinbajo, said it was the much-needed solution to the problems facing the Nigerian agricultural sector.
“The SAPZs programme is a well-thought-out answer to the global value chain disruption caused by the Russian-Ukraine crisis as well as the flood disasters caused by climate change,” the vice president stated.
The Minister of Finance, Zainab Shamsuna Ahmed, who gave a breakdown of the $538.05 million, said the AfDB is providing $210 million, IFAD and the Green Climate Fund, $160 million; IsDB $150.52 million; and the federal government $2.01 million; while the states where the zones are located would provide $16.01 million.
He said goods from these special agro-industrial processing zones would be exported to other countries and would be seen in stores abroad.
The events brought together governors and officials of the seven participating states, partners like the Islamic Development Bank and IFAD, which in an earlier meeting with the minister of agriculture announced $5 million for climate-resilient agriculture.