In a move set to transform Nigeria’s agribusiness sector, the President of the African Development Bank (AfDB), Akinwumi Adesina, has unveiled plans to invest $1 billion into the second phase of the Special Agro-Industrial Processing Zones (SAPZ) programme.
Speaking at the opening of a soybean refinery in Nasarawa State, AfDB President Akinwumi Adesina emphasised the importance of boosting local food production, reducing imports, and addressing Nigeria’s growing food insecurity and high prices.
This investment will cover 28 more states, significantly boosting the country’s agribusiness potential.
The announcement was made during the inauguration of a new soybean plant and refinery by Called Servant to Service (CSS) Global Integrated Farms in Gora, Nasarawa State.
Also, the AfDB President praised the plant as a major milestone for Nigeria’s agriculture.
He pointed out that it would help reduce the country’s dependence on imported crude soybean oil, which cost $62.2 million in 2023.
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Furthermore, Adesina urged the Nigerian government to take more decisive action to increase local food production and tackle the rising cost of food.
He specifically mentioned the alarming rise in rice prices, which have soared to over ₦100,000 per bag, compared to just ₦8,000 a decade ago during his tenure as Minister of Agriculture.
Additionally, Adesina highlighted that the success of initiatives like CSS Farms depends on the development of SAPZ.
The AfDB, along with its partners, is already supporting a $538 million programme in seven states, which aims to enhance agricultural value chains by providing key infrastructure for food production, processing, and distribution.
The second phase of the programme, which will include Nasarawa, will see CSS Farms serve as a key anchor investor, helping to unlock the full potential of Nigeria’s agribusiness sector.
