Home Nigeria Nigeria: AfDB has raised $540million for Agro-industrial

Nigeria: AfDB has raised $540million for Agro-industrial

AfDB has raised $540million for Agro-industrial

As part of Nigeria’s goal for food security, the African Development Bank (AfDB) will help the country build Special Agro-Industrial Processing Zones.

President of the Bank, Dr. Akinwumi Adesina, revealed this when briefing President Muhammadu Buhari in State House, Abuja, on Tuesday, according to a statement from Special Adviser to the President on Media and Publicity, Femi Adesina.

“We have chosen to mobilize $540 million for the initiative,” said the former Agriculture Minister. A total of $210 million has been approved by the African Development Bank. The program has received $170 million from the Islamic Development Bank and $160 million from the International Fund for Agricultural Development (IFAD).

The processing zones would be implemented in seven states, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory, according to the AfDB President.

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“I eagerly anticipate your formal launch of these Special Agro-Industrial Processing Zones, Your Excellency,” Adesina added.

President Buhari praised the African Development Bank for being foresighted and proactive in addressing food security on the continent, particularly in Nigeria.