Africa Development Bank (AfDB), in collaboration with partners, has mobilised $2.2 billion (about N3.4 trillion) to implement phase two of the special agro-industrial processing zones (SAPZs) in Nigeria.
Akinwumi Adesina, the outgoing president of AfDB, spoke in a paper presented at the 2025 Standard Chartered Bank Africa Summit held recently in Lagos.
During the presentation, he said the fund would be deployed to implement phase two of the special agro-industrial processing zones covering 24 states.
Adesina noted that the bank and its partners had supported the launch of the special agro-industrial processing zones in the first eight states – Ogun, Oyo, Cross Rivers, Imo, Kaduna, Kwara, Kano and the federal capital territory.
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He reiterated that the initiative would revolutionise Nigeria’s agricultural sector by enhancing food security, boosting domestic production and creating thousands of jobs.
“We have mobilised co-financing of $938 million from partners, including the International Fund for Agricultural Development, the Islamic Development Bank, Japan International Cooperation Agency, and the West African Development Bank.”
The AfDB president added that investments are needed to unlock the agricultural potential in Nigeria and Africa, especially in adding value to agricultural commodities.
To achieve that, he emphasised the need to develop industrial platforms that would allow the continent to move up the agricultural value chains.
“The bank has committed over $934 million towards developing the special agro-industrial processing zones,” he disclosed.
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“The AfDB is investing massively in the development of Special Agro-industrial Processing Zones across Africa, enabled with infrastructure to support the establishment of industries to process and add value across a wide range of agricultural products.”
Adesina explained that together with partners, the development bank has launched the Alliance for Special Agro-Industrial Processing Zones to accelerate the development of these zones across Africa, with $3 billion in commitment.
The SAPZs are ongoing in 27 sites across 11 countries in Africa.
