The federal government on Wednesday convened a high-level dialogue at the African Development Bank (AfDB) to revolutionize Nigeria’s agric sector and accelerate the implementation of the Special Agro-industrial Processing Zones (SAPZ-1) Programme.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun at the AfDB country office in Abuja.
According to him, key stakeholders from state governments, the private sector, and development must partner to address implementation challenges and drive progress in the nation’s agricultural transformation.
He noted that the SAPZ-1 programme was pivotal in transforming Nigeria’s agricultural sector into a key driver of economic growth and industrialisation.
While emphasising the importance of government collaboration with the private sector in achieving increased domestic production, job creation, and poverty alleviation, Edun said food inflation at 37.52 per cent was against the president’s food security mandate.
“The SAPZ-1 programme is a strategic investment initiative aimed at industrialising Nigeria’s Agricultural Sector and fostering inclusive growth across the country.
“Its first phase is being implemented in seven states and the Federal Capital Territory, with the support of international development financiers such as the AfDB, Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD).
“Our immediate priority is ensuring that food production meets the needs of Nigerians while setting the stage for long-term economic growth. This is pivotal not only for inflation control but also for strengthening the nation’s overall economic stability” the coordinating minister of the economy said.
He underscored the urgency of the programme, emphasizing further the need for a successful wet and dry season harvest to address inflation, stabilize the exchange rate, and lay the groundwork for future investment.
He said, “The success of this programme will directly impact inflation, interest rates, and the overall investment climate, making it a critical component of our broader economic strategy.”
Speaking further, he noted that the temporary need for importation to fill gaps in the short term, should not disrupt ongoing efforts in domestic farming and food processing.
In attendance was the Minister of Agriculture and Food Security Sen. Abubakar Kyari; CEO of the Ministry of Finance Incorporated (MOFI) Dr. Armstrong Takang; Director General of the Nigeria Country Department at the AfDB Dr. Abdul Kamara amongst IFAD and IsDB representatives