The African Development Bank (AfDB) is set to invest $1 billion in Nigeria’s agribusiness sector through its Special Agro-Industrial Processing Zones (SAPZ) program. This initiative aims to promote agricultural value chains, from food production to processing, value addition, packaging, and market supply.
According to AfDB President Akinwumi Adesina, “Nigeria should have bold programmes and policy support for its farmers. It should also provide incentives for agribusinesses to support agricultural value chains.” Adesina emphasized the need for Nigeria to increase its food production locally and stem the high cost of food prices in the country.
The SAPZ program will cover the remaining 28 states in Nigeria, following the successful implementation of the first phase in seven states. The program is expected to create jobs, improve food security, and increase Nigeria’s agricultural exports.
Adesina also highlighted the importance of reducing Nigeria’s reliance on imported food products, citing the example of soybean oil imports, which cost the country $62.2 million in 2023. He praised the inauguration of a soybean plant and refinery by the Called Servant to Service (CSS) Global Integrated Farms in Nasarawa State, describing it as a major milestone in Nigeria’s agricultural sector.
