Politics
African Development Bank, Islamic Development Bank, And IFAD Allocate $1 Billion For Agro-Industrial Processing Zones In Nigeria
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The administration of President Bola Ahmed Tinubu has achieved another significant milestone in its investment efforts, with the African Development Bank (AfDB)…CONTINUE READING
Islamic Development Bank (IDB), and the International Fund for Agricultural Development (IFAD) announcing a commitment of $1 billion to support the development of special agro-industrial processing zones in 24 Nigerian states.
This substantial funding comes in addition to the initial $520 million previously allocated by these development partners for the creation of eight special agro-industrial processing zones within Nigeria.
Dr. Akinwumi A. Adesina, President of the African Development Bank Group, revealed this funding commitment during the Norman Borlaug International Dialogue at the World Food Prize 2023 event in Des Moines, Iowa, United States of America.
Vice President Kashim Shettima, representing the Tinubu administration, had delivered a keynote address during the same event on Wednesday, aligning with the administration’s goals for food security and economic diversification.
The allocation of such a substantial sum to Nigeria’s agribusiness sector is part of the broader initiative to establish Special Agro-Industrial Processing Zones (SAPZs) in 13 different countries, as emphasized by Dr. Adesina in his speech titled “From Dakar to Des Moines.”
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