Nigeria: Buhari, AfDB, Others to Launch N234bn Special Agro-Industrial Zones Scheme Today

23 October 2022
Daily Trust (Abuja)
By Simon Echewofun Sunday

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.

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.

Read the original article on Daily Trust.

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