The African Development Bank (AfDB) has secured $2.2 billion for Nigeria’s SAPZ Phase II, aimed at transforming agriculture through agro-industrialisation.
Backed by investors like Arise IIP and the U.S. Development Finance Corporation, the project will expand to 24 states, boosting productivity, creating jobs, and enhancing food security.
The African Development Bank (AfDB) has secured $2.2 billion for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II project, announced at the recent Africa Investment Forum.
This funding will, therefore, boost agricultural productivity and drive economic growth by connecting Nigeria’s agriculture to agro-industrialisation.
Key investors, including Arise IIP, the Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the U.S. Development Finance Corporation, are backing the project.
AfDB confirmed the deal during a boardroom meeting on December 4, 2024, marking a significant step towards achieving SAPZ Phase II.
Read Also: 2025: Edo Sets ₦605.7bn Budget, Ondo’s Aiyedatiwa Goes For ₦655bn
Phase I benefited seven states, including Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, and Kano.
Phase II will, in turn, extend to 24 additional states.
Zahrah Mustapha Audu, adviser to Nigeria’s president on foreign direct investment, represented Vice President Kashim Shettima, and governors from various states participated in the meeting.
They, moreover, pledged their support for the project through land allocation, infrastructure development, and policy facilitation.
AfDB President Akinwumi Adesina emphasised the project’s transformative potential, stating it would create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialisation.
AfDB’s senior adviser on industrialisation, Banji Oyelaran-Oyeyinka, confirmed that Phase I construction would begin soon, with a flag-off ceremony scheduled for December.
SAPZ Phase II aims, ultimately, to establish agro-industrial hubs, enhance food security, and create jobs across Nigeria’s agricultural sector.
