Post by Trade Coach on Dec 18, 2021 10:24:55 GMT 1
Special Agro-Industrial Processing Zones Approved For Kano and Oyo States Of Nigeria By AfDB To The Tune of $210 Million
The quest to heavily improve the state of agro-industrialization by the Federal Nigerian Government of Nigeria (FGN) has just received a big boost from the African Development Bank (AfDB). The Bank says that its board has approved a $210 million loan to co-finance phase one of the Nigeria Special Agro-Industrial Processing Zone Program (SAPZ).
This is just the phase one of the gigantic project. The African Development Bank (AfDB) and Africa Growing Together will fund the project. The Bank said that it is one of the most ambitious projects it has undertaken to date.
The first phase of the program is not government driven. It is government- enabled and private sector-led, according to the bank.
In a statement from the bank recently, AfDB said that the programme will help to unlock Nigeria’s agricultural sector potential through the development of special crops and livestock.
The statement stated that the phase one of the project will target seven Nigerian states and the Federal Capital Territory (FCT).
The seven states to be affected are: Ogun, Oyo, Imo, Cross River, Kano, Kaduna, and Kwara.
“African Development Bank financing for this program represents one of the bank’s most ambitious operations in terms of scale and scope to date. It is made up of an African Development Bank loan of $160 million and an Africa Growing Together Fund loan of $50 million,” the statement said.
“The project will support Nigeria’s agricultural productivity, promote investment, create wealth and jobs, and transform rural areas into corridors of economic prosperity. Its first phase will be implemented with co-financing from other partners in the amount of $538.05 million.”
Nigerian President, Muhammadu Buhari, was quoted while addressing world leaders at the recent Future Investment Initiative Summit (FIIS) in Riyadh, Saudi Arabia, as saying that Nigeria has several million hectares of available and arable land and has embarked on the creation of special agro-processing zones across the country.
“These initiatives, we believe will make it easier for investors in agriculture,” the President was quoted as saying.
The AfDB president, Akinwumi Adesina, while speaking on the programme, said “The first phase of the program is not government driven. It is government- enabled and private sector-led. That is the critical way you have a structural transformation of agriculture.
“It is impressive to see a strong commitment from the Nigerian government – a very strong commitment from the Nigerian Minister of Finance and from all the state governments because they have to give the land, they make sure that all the regulations and incentives are provided.”
Lamin Barrow, in his remarks as the director-general of the bank’s Nigeria country office said, “Phase 1 of the Nigerian Special Agro-Industrial Processing Zones Program will mobilize private sector investment in the agro-industrial hubs and agricultural transformation centers.”
“It will impact some 1.5 million households as direct beneficiaries, with a target of creating 400, 000 direct jobs and up to 1.6 million indirect jobs.”
The AfDB also stated that SAPZ is expected to augment the following value chain commodities across states.
The commodities have been listed to include:
“Cross River State – cocoa, rice and cassava
Federal Capital Territory – beef and dairy livestock
Imo State – beef and dairy livestock
Kaduna State – tomato, maize and ginger
Kano state – rice, tomato, groundnuts, and sesame seed oil
Kwara State – livestock
Ogun State – cassava, rice, poultry, and fisheries
Oyo State – cassava, soybean, and rice.”
It is extremely difficult to think of any other way this present administration will be assisted by local and international financial institutions to improve, mechanize in order to standardize its agricultural operations to satisfy the yearnings and aspirations of both its citizens and the international community. The government has done well.
Nigeria is a big country controlling the largest population in Africa, and the largest black nation in the word. What great attributes to command a huge market? That is the reason why the world is interested in this hidden giant, can the country wake up to its calling? We are waiting to see after all these investments mature.
Are you getting ready for the fast approaching cashew season coming up in January 2022? Get in touch with the admin of the forum to get your export contract for the 2022 cashew season.
The quest to heavily improve the state of agro-industrialization by the Federal Nigerian Government of Nigeria (FGN) has just received a big boost from the African Development Bank (AfDB). The Bank says that its board has approved a $210 million loan to co-finance phase one of the Nigeria Special Agro-Industrial Processing Zone Program (SAPZ).
This is just the phase one of the gigantic project. The African Development Bank (AfDB) and Africa Growing Together will fund the project. The Bank said that it is one of the most ambitious projects it has undertaken to date.
The first phase of the program is not government driven. It is government- enabled and private sector-led, according to the bank.
In a statement from the bank recently, AfDB said that the programme will help to unlock Nigeria’s agricultural sector potential through the development of special crops and livestock.
The statement stated that the phase one of the project will target seven Nigerian states and the Federal Capital Territory (FCT).
The seven states to be affected are: Ogun, Oyo, Imo, Cross River, Kano, Kaduna, and Kwara.
“African Development Bank financing for this program represents one of the bank’s most ambitious operations in terms of scale and scope to date. It is made up of an African Development Bank loan of $160 million and an Africa Growing Together Fund loan of $50 million,” the statement said.
“The project will support Nigeria’s agricultural productivity, promote investment, create wealth and jobs, and transform rural areas into corridors of economic prosperity. Its first phase will be implemented with co-financing from other partners in the amount of $538.05 million.”
Nigerian President, Muhammadu Buhari, was quoted while addressing world leaders at the recent Future Investment Initiative Summit (FIIS) in Riyadh, Saudi Arabia, as saying that Nigeria has several million hectares of available and arable land and has embarked on the creation of special agro-processing zones across the country.
“These initiatives, we believe will make it easier for investors in agriculture,” the President was quoted as saying.
The AfDB president, Akinwumi Adesina, while speaking on the programme, said “The first phase of the program is not government driven. It is government- enabled and private sector-led. That is the critical way you have a structural transformation of agriculture.
“It is impressive to see a strong commitment from the Nigerian government – a very strong commitment from the Nigerian Minister of Finance and from all the state governments because they have to give the land, they make sure that all the regulations and incentives are provided.”
Lamin Barrow, in his remarks as the director-general of the bank’s Nigeria country office said, “Phase 1 of the Nigerian Special Agro-Industrial Processing Zones Program will mobilize private sector investment in the agro-industrial hubs and agricultural transformation centers.”
“It will impact some 1.5 million households as direct beneficiaries, with a target of creating 400, 000 direct jobs and up to 1.6 million indirect jobs.”
The AfDB also stated that SAPZ is expected to augment the following value chain commodities across states.
The commodities have been listed to include:
“Cross River State – cocoa, rice and cassava
Federal Capital Territory – beef and dairy livestock
Imo State – beef and dairy livestock
Kaduna State – tomato, maize and ginger
Kano state – rice, tomato, groundnuts, and sesame seed oil
Kwara State – livestock
Ogun State – cassava, rice, poultry, and fisheries
Oyo State – cassava, soybean, and rice.”
It is extremely difficult to think of any other way this present administration will be assisted by local and international financial institutions to improve, mechanize in order to standardize its agricultural operations to satisfy the yearnings and aspirations of both its citizens and the international community. The government has done well.
Nigeria is a big country controlling the largest population in Africa, and the largest black nation in the word. What great attributes to command a huge market? That is the reason why the world is interested in this hidden giant, can the country wake up to its calling? We are waiting to see after all these investments mature.
Are you getting ready for the fast approaching cashew season coming up in January 2022? Get in touch with the admin of the forum to get your export contract for the 2022 cashew season.