AfDB: Nigeria’s Agro-Industrial Zone Scheme Receives N224bn

The African Development Bank (AfDB) has mobilised $540 million (about N224.3 billion) for Nigeria to develop Special Agro-Industrial Processing Zones, as part of the quest to promote food security in the country.

According to Daily Trust report, the AfDB President, Dr Akinwumi Adesina, revealed this while briefing President Muhammadu Buhari.

The former Nigeria’s Minister of Agriculture says “We have decided to mobilise $540 for the program. The African Development Bank has approved a total of $210 million.

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“The Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have approved $170 million and $160 million respectively, towards the program.”

He added 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.

“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” he noted.

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