8 Feb 2024
African Development Bank to give Nigerian states $540 million

African Development Bank to give Nigerian states $540 million

The bank will allocate the funds to seven states to initiate the development of Special Agro-Industrial Processing Zones (SAPZs).
Nigeria has more than 30 million hectres of arable land. Photo: Reuters

The African Development Bank (AfDB) will provide $540 million in support to Nigeria for agricultural development.

The bank will allocate the funds to seven states to initiate the development of Special Agro-Industrial Processing Zones (SAPZs), AfDB spokesperson Banji Oyelaran-Oyeyinka said in a statement.

Oyelaran-Oyeyinka noted that the SAPZs project aims to transform rural areas into economic hubs by harnessing their commercial agriculture and food processing potential.

Noting that the primary objective of the AfDB is to support inclusive and sustainable agricultural-industrial development in Nigeria, Oyelaran-Oyeyinka said the funding will assist the country in combating food insecurity.

AA

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