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AfDB supports FG with $528m for agric development

AfDB Invests $528 Million in Nigeria's Agro-Processing Zones to Boost Agricultural Development

paulcraft by paulcraft
January 21, 2025
in Business
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African Development Bank (AfDB)
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  • The African Development Bank has committed $528 million to support Nigeria in developing specialized agro-processing zones to enhance agriculture
  • The first phase of the program will benefit eight states, focusing on strengthening the agriculture value chain and food security

In collaboration with its partners, the African Development Bank (AfDB) has committed $528 million to support the Nigerian government’s efforts in developing specialised agro-processing zones across the country.

AfDB President, Dr. Akinwunmi Adesina, revealed this during the inauguration of a soybean oil processing refinery at CSS Global Integrated Farms Limited in Gora, Karu Local Government Area, Nasarawa State.

The programme’s first phase will cover eight states, including:

  • Cross River
  • Imo
  • Oyo
  • Ogun
  • Kaduna
  • Kano
  • Kwara
  • Federal Capital Territory (FCT)

The programme’s second phase will benefit Nasarawa State and 28 other states.

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Dr. Adesina emphasized the need for proactive policies and programmes to strengthen the agriculture value chain, support local farmers, and reduce the country’s reliance on food imports.

He highlighted the urgency of addressing hunger, citing high food prices as a major concern. “Efforts must be accelerated to expand food production, lower food costs, and empower local farmers to sustain the nation’s food needs,” he stated.

Speaking on behalf of Nasarawa State Governor Abdullahi Sule, Deputy Governor Dr. Emmanuel Akabe praised the founder of CSS Global Integrated Farms Limited, John Kennedy Okpara, for establishing the advanced facility in the state.

Dr. Akabe reaffirmed the state government’s commitment to maintaining an investor-friendly environment to attract more investments and position Nasarawa as a key economic hub.

The AfDB’s intervention is expected to boost Nigeria’s agricultural development, enhance food security, and create employment opportunities nationwide.

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