The Bank of Industry, African Development Bank and the International Fund for African Development will provide funds totalling $1.7bn to support the Special Agro-Industrial Processing Zones project in Nigeria.
The project is aimed at raising the productivity and competitive nature of the country’s agriculture sector and reducing the level of poverty in rural areas.
The SAPZ project is expected to help the government expand economic opportunities in the agric sector by enhancing processing infrastructure and services to rural families.
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During an interactive session with journalists at a webinar on Saturday, the AfDB President’s Senior Special Adviser on Industrialisation, Prof. Oyebanji Oyelaran-Oyeyinka, said $1bn would be provided by the BoI, AfDB would release $500m; while $200m was promised by IFAD.
He explained that the zones were designed to concentrate agro-processing activities within areas of high agricultural potential, adding that the bank was collaborating with the Federal Ministry of Agriculture and Rural Development to implement the project in Nigeria.