The Bank of Industry (BoI), African Development Bank (AfDB) and International Fund for Agricultural Development (IFAD) have sanctioned the disbursement of a $2 billion loan to reduce poverty, end hunger and increase resilience to climate change in rural communities around Nigeria.
The loans intend to facilitate the Special Agro-Industrial Processing Zones (SAPZ) project in the country aimed at raising the productivity and competitiveness of the country’s agriculture sector.
Speaking at a webinar, AfDB President’s Senior Special Adviser on Industrialisation, Prof. Oyebanji Oyelaran-Oyeyinka, said $1 billion is coming from BoI, $500 million from AfDB, and $200 million was pledged by IFAD.
He said the zones are designed to concentrate agro-processing activities within areas of high agricultural potential. He said the bank is collaborating with the Federal Ministry of Agriculture and Rural Development to implement the SAPZproject.
The Technical Adviser to the Minister of Agriculture and Rural Development, Richard-Mark Mbaram, said SAPZ will be formally inaugurated at the 2020 edition of the Feed Nigeria Summit, the country’s flagship agricultural sector convocation, set to hold from tomorrow December 1 – 2.
This year’s summit, to be held at the Ladi Kwali Conference Centre, Sheraton Hotel and Towers, Abuja, has “Agribusiness: Leading Nigeria’s Recovery” as the theme.
