In a strategic move to solidify the financial framework supporting Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) initiative, President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, paid a courtesy visit to the Honourable Minister of Finance of Nigeria in Abuja.
The visit emphasizes the critical role of fiscal coordination, budgetary alignment, and development financing in delivering on the promise of the SAPZ initiative.
According to Adesina, “The Special Agro-Industrial Processing Zone is about developing new economic zones across Africa close to where farmers are. These zones have enabling infrastructure—power, water, roads, irrigation—and today, we’re investing over $3 billion in more than 11 countries, including Nigeria.”
The initiative is a flagship programme under AfDB’s Feed Africa strategy aimed at boosting agro-industrialisation across Nigeria.
Dr. Adesina reiterated the importance of sustainable and inclusive agricultural development in achieving food security, creating jobs, and enhancing foreign exchange earnings.
He commended the Federal Government’s commitment, under President Bola Ahmed Tinubu’s Renewed Hope Agenda, to diversifying the economy through agriculture and strengthening collaboration with international partners.
The Honourable Minister of Finance expressed confidence in the SAPZ programme’s potential to transform rural economies and stimulate private sector investment.
The Minister further pledged continued support for the effective disbursement and tracking of the $510 million investment, which includes AfDB’s $200 million contribution and additional financing from the Islamic Development Bank, IFAD, and the Green Climate Fund.
The visit marked a significant step in ensuring that SAPZ implementation remains firmly integrated into Nigeria’s national economic planning and development strategy.
