Politics
AfDB Set To Release $540 Million For SAPZs Development Initiatives
AfDB Set To Release $540 Million For SAPZs Development Initiatives....KINDLY READ THE FULL STORY HERE▶
Preparations have been finalized for the African Development Bank (AfDB) to distribute $540 million in funding for the initial phase of Special Agro-Industrial Processing Zones (SAPZs) development in Nigeria. Vice President Kashim Shettima has emphasized the need for swift action, urging the government and its partners to translate commitments into tangible results………CONTINUE READING
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In collaboration with the Nigerian government, the AfDB is working to enhance food security by advancing the development of processing zones. The first phase targets three states—Oyo, Kaduna, and Cross River—with others set to benefit once their documentation processes are completed.
During a meeting at the Presidential Villa, Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialization to the AfDB President, disclosed that SAPZs aim to transform rural areas into economic zones and promote commercial agriculture. The project, backed by $540 million in catalytic funding, is poised for disbursement, with Kaduna, Oyo, and Cross River States in the process of receiving funds.
Oyelaran-Oyeyinka emphasized the government-enabled, private-sector-driven nature of the initiative. He highlighted that each state is expected to find a partner for equity participation. Notably, Ogun State opted out by securing a partner instead of taking the loan, leaving the funds to be distributed among the other states.
The initial phase of SAPZs is progressing in seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory. Oyelaran-Oyeyinka outlined eligibility criteria for states, emphasizing the importance of a feasibility report, environmental impact study, and a commitment to counterpart funding. Looking ahead, preparations for phase two, involving 27 states, are underway, with a focus on prioritizing states that demonstrate prompt progress.
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Source: Bushradiogist
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