The African Development Bank (AfDB) is spearheading an effort to secure $2.2 billion for agricultural processing zones across 28 Nigerian states.
This ambitious initiative seeks to bolster Nigeria’s food security and generate substantial employment opportunities.
AfDB President Akinwumi Adesina announced this on Tuesday in Kaduna state during the launch of the program’s initial phase.
This first phase, already backed by over $500 million announced in 2022, will focus on five states.
Adesina stated that the funding proposal for the subsequent phase will soon be presented to the AfDB board for approval.
He revealed that a consortium of institutions, including the Arab Bank for Economic Development, Africa Import-Export Bank, Sahara Farms, and French and U.S. entities, will contribute to raising the $2.2 billion.
These agro-processing zones are designed to establish facilities near farmlands.
This strategic placement aims to minimize post-harvest losses and strengthen the agricultural value chain from production to market.
The AfDB highlighted that Nigeria spent a significant $4.7 billion on food imports last year, a trend this investment seeks to reverse by injecting capital into the nation’s farming sector.
