The Federal Government has secured renewed financial backing from the African Development Bank (AfDB) to expand the second phase of the Special Agro-Industrial Processing Zones (SAPZ), extending the initiative to 24 additional states beyond the initial seven and the Federal Capital Territory.
According to a statement released on September 28 by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media & Communications, the pledge followed Vice President Kashim Shettima’s meeting with AfDB President Dr. Sidi Ould Tah in New York during the 80th United Nations General Assembly, Nairametrics reported.
Launched in October 2022 under then Vice President Yemi Osinbajo, the SAPZ programme was designed as a government-enabled but private sector-led project to draw large-scale investments into crop and livestock value chains.
Osinbajo said at its launch that it had the potential to end food insecurity, boost agricultural exports, and generate millions of agro-industrial jobs within a decade.
The first phase of SAPZ included Kano, Imo, Kaduna, Cross River, Kwara, Oyo, Ogun, and the Federal Capital Territory, with $210 million in co-financing from AfDB, $310 million from the Islamic Development Bank (IsDB) and IFAD, and a $18.05 million contribution from Nigeria’s government.
Vice President Shettima called for deeper AfDB support to accelerate Nigeria’s transition away from its mono-product economy, highlighting the potential of agriculture to drive value-added exports.
“We urge you to further support us in the phase 2 Special Agro-Industrial Processing Zones (SAPZ). You assisted us with $300 million when you were in Liberia. We want to thank you, but like Oliver Twist, we are asking for more because we are poised to diversify our mono-product economy into agriculture, especially value-added agricultural export.
And we have the potential in all the agro-ecological zones in Nigeria. From the mangrove forest swamps in the south to the Sahelian region in the far north, you can virtually grow anything. In states like Kebbi, the soil is very fertile,” he said.
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He also underscored the importance of Nigeria’s youth population, describing them as resourceful and development-oriented, while urging AfDB to broaden its support to include innovation-led enterprises in the digital economy.
“We can catalyse and accelerate the digital space in Africa. Already, out of the eight unicorns in Africa, five are from Nigeria – Moniepoint, Jumia, and the rest. We want to once again reiterate that we are with you, we are for you, and we will stand by you,” he said.
AfDB President Dr. Sidi Ould Tah reaffirmed the bank’s commitment to Nigeria, framing his vision of AfDB as a “catalyst institution” rather than solely a lending body.
“My vision for the bank is not as a lending institution, but as a catalyst institution with which to mobilise resources and capital from all over the world to Africa. I hope we can really bring capital to the continent to make the transformation of our continent possible and bring value to the agricultural sector. This is why my four cardinal points are: mobilise large-scale capital through partnerships, reform Africa’s financial architecture, convert the continent’s demographic dividend into economic strength for job creation, and industrialise Africa by harnessing its natural resources to add value and build resilient infrastructure. These points form my roadmap to guide the bank’s strategy and accelerate Africa’s development, and I’m confident that with your support, the bank will be able to bring transformation to the continent,” he said.
Other Nigerian officials also sought AfDB’s intervention in key sectors. Minister of Environment Mallam Balarabe Lawal requested assistance to combat desertification and deforestation through the Pan African Great Green Wall Initiative, stressing its link to clean cooking policies that address both health and environmental challenges.
Minister of Housing and Urban Development Alhaji Ahmed Dangiwa appealed for the bank’s support in bridging Nigeria’s housing deficit.
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Image Credit: MSME Africa
