The African Development Bank (AfDB) Group, led by its president, Akinwumi Adesina, has announced plans to inject $1 billion into the second phase of its Special Agro-Industrial Processing Zones (SAPZ) initiative. This funding aims to expand the program to cover the remaining 28 states in Nigeria.
Adesina revealed this at the commissioning of a newly established soybean processing plant and refinery by CSS Global Integrated Farms in Gora, Karu Local Government Area of Nasarawa State.
He emphasized that the refinery is a significant advancement for Nigeria’s agricultural industry and will play a crucial role in reducing the country’s reliance on crude soybean oil imports, which amounted to $62.2 million in 2023.
Addressing Food Security Challenges
Expressing concern over Nigeria’s rising food prices and hunger crisis, Adesina urged the government to implement stronger policies and initiatives to support local food production and stabilize costs. He pointed out the drastic increase in rice prices, which have surged from N8,000 per bag during his tenure as Agriculture Minister under former President Goodluck Jonathan to over N100,000 today.
He called for comprehensive programs that would provide farmers with incentives and create an enabling environment for agribusinesses. Such efforts, he noted, should focus on boosting the entire agricultural value chain—from production to processing, packaging, and distribution.
Expanding SAPZ for Economic Growth
Adesina highlighted the ongoing SAPZ program, which is currently being implemented in seven states—Cross River, Imo, Oyo, Ogun, Kaduna, Kano, and Kwara—along with the Federal Capital Territory (FCT), with a total funding of $538 million.
The upcoming second phase of the initiative, he explained, will extend to the remaining states, with financial support from AfDB, the Arab Bank for African Economic Development, and private sector investments.
He also confirmed that Nasarawa State will be included in this phase, and CSS Farms is expected to play a pivotal role as an anchor investor within the SAPZ framework.
Adesina reiterated AfDB’s commitment to collaborating with stakeholders to transform Nigeria’s agricultural sector and position the country as a key player in global agribusiness markets.
