AfDB Raises $540m for Nigeria’s Agro-industrial Processing Zones, Says Adesina

Deji Elumoye

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has disclosed that the bank will support Nigeria to develop Special Agro-Industrial Processing Zones, as part of the quest for food security in the country.
A release issued Wednesday by the Media Adviser to President Muhammadu Buhari, Femi Adesina, quoted Adesina as making the revelation while briefing President Buhari at the State House, Abuja.

According to Adesina, “We have decided to mobilize $540 million for the programme. The African Development Bank has approved a total of $210 million. The Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the programme.”

The AfDB President indicated that the processing zones will initially be rolled out in seven states, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory (FCT).

“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” the AfDB boss added.

Responding, President Buhari commended AfDB for being foresighted and proactive about food security on the continent and Nigeria specifically.