By Tony Obiechina, Abuja
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, says the Bank has set financing plans of $1 billion for the second phase of its Special Agro-Industrial Processing Zones (SAPZ) program, which would cover the remaining Nigeria’s 28 states.
Adesina disclosed this at the weekend during the inauguration of a soybean plant and refinery by the Called Servant to Service (CSS) Global Integrated Farms in Gora, Karu Local Government Area of Nasarawa State.
While inaugurating the factory, which has a capacity to produce 10,000 liters of soybean oil per day, he described the ultra-modern refinery as a major milestone in Nigeria’s agricultural sector.
He added that the refinery would contribute to reducing Nigeria’s crude soybean oil imports, which were estimated at $62.2 million in 2023.
He further stated that the success of the farm’s operations would be greatly enhanced within the context of the development of Special Agro-Industrial Processing Zones (SAPZ) in the country.
Adesina noted that the bank and its partners were supporting the Federal Government and implementing a $538 million programme for the development of SAPZ in seven states.
He named the states as Cross River, Imo, Oyo, Ogun, Kaduna, Kano, Kwara, and the Federal Capital Territory (FCT).
“The second phase of the programme would cover the remaining 28 states, with a financing target of one billion dollars from AfDB, the Arab Bank for African Economic Development, and the private sector,” Adesina further stated.
At the Africa Investment Forum (AIF) held from Dec. 4 to Dec. 6, 2024, in Rabat, Morocco, Adesina said that the African Development Bank (AfDB) and its AIF partners were able to also mobilize $2.2 billion in investment interest for the development of Special Agro-Industrial Processing Zones (SAPZ) in Nigeria.
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