The efforts of the government have continued to be directed towards food security in Nigeria.
This is as Agro-industrial processing zones are gearing up $540 million disbursement from Africa’s Development Bank (AfDB).
The fund is expected to be disbursed to three states that have completed their documentation process.
Some States in Nigeria are set to benefit from $540 million under the Special Agro-industrial Processing Zones (SAPZ) project.
The $540 million disbursement is coming from the African Development Bank (AfDB), towards ensuring food sufficiency in Nigeria.
AfDB plans to disburse the $540 million to states that have completed their documentation process for SAPZs.
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Senior Special Assistant to the president on media and communications, Office of the Vice President, Stanley Nkwocha, made this known in a statement.
According to Nkwocha, the information was revealed on Monday, by the Senior Special Adviser on indutrialisation to the AfDB President, Banji Oyelaran-Oyeyinka.
He said, it was contained in the report presented to the Vice President, Kashim Shettima by the United Nations Industrial Development Organisation (UNIDO) on the status of projects being executed in Nigeria.
The move is part of the bank’s initiative to ensure food security in Nigeria.
Oyo, Kaduna, Cross River Will Benefit From This Project
Out of the 36 states in the country only three states will benefit from phase one of the development project.
These three states are Oyo, Kaduna and Cross River.
Others will start benefiting as soon as they are through with documentation.
Making AfDB’s presentation to the vice president, Oyelaran-Oyeyinka said,
“The Special Agro-Industrial Processing Zones (SAPZ) is an initiative of the AfDB.
“Its aims include turning rural landscapes into economic zones of prosperity and harnessing the power of commercial agriculture and food.
“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria.
“Phase one of the project is at the point of disbursement.
“Kaduna, Oyo and Cross River States are all in the process of receiving disbursements.”
Speed Up Documentation
“We hope that other states can speed up with their documentation so that we can fast-track theirs too.
“We raised $540,000,000 in catalytic funding and we expect every state to find a partner that will bring equity and join up with them.
“It is a government-enabled project, but private-sector driven,” the regional bank said.
Oyelaran-Oyeyinka, explained that the first phase of SAPZs was being implemented in seven states.
The seven states are Cross River, Imo, Kaduna, Kano, Kwara, Ogun, and Oyo, and the Federal Capital Territory (FCT).
“Ogun State found a partner for the project and decided not to take the loan.”
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“Next is preparation for phase two with 27 states.
“The demand is enormous but we have to prioritise those who move fast.
“We have set up eligibility criteria for the states and to rank them.
“We expect them to have a feasibility report, environmental impact study and a commitment to counterpart funding,” Oyelaran-Oyeyinka added