The African Development Bank (AfDB) and its partners have disclosed that its office has mobilized 2.2 billion dollars (about N3.4 trillion) to implement special agro-industrial processing zones across Nigeria. The outgoing president of AfDB, Dr Akinwumi Adesina, made the disclosure during a paper presentation at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.
News Agency of Nigeria (NAN) in a copy of the presentation it obtained, revealed that Adesina said the fund would be disbursed to implement phase two of the special agro-industrial processing zones covering 24 states across the country.
According to him, the bank and its partners had already supported the launch of the special agro-industrial processing zones in the first eight states– Ogun, Oyo, Cross River, Imo, Kaduna, Kwara, Kano and the Federal Capital Territory.
He said the initiative is targeted to revolutionize Nigeria’s agricultural sector through enhancing food security, boosting domestic production, and creating thousands of jobs for the country’s teeming population.
He explained that investments are critical in unlocking potentials in agriculture, especially in Nigeria, and therefore called spirited individuals to consider investing in such a sector to add value to Africa’s agricultural commodities.
He reiterated the need for the development of industrial platforms that would usher the continent to step up the agricultural value chain.
Adesina said, “The AfDB is investing massively in the development of Special Agro-industrial Processing Zones across Africa, enabled with infrastructure to support the establishment of industries to process and add value across a wide range of agricultural products.
“The bank has committed over 934 million dollars towards the development of the special agro-industrial processing zones.
“We have mobilised co-financing of 938 million dollars from partners, including the International Fund for Agricultural Development, the Islamic Development Bank, the Japan International Cooperation Agency, and the West African Development Bank.
“We have also launched, together with partners, the Alliance for Special Agro-Industrial Processing Zones to accelerate the development of these zones across Africa, with 3 billion dollars in commitments,’’ he said.
Adesina concluded that development of the special agro-industrial processing zones is ongoing in 27 sites across 11 countries in Africa. (NAN)