The federal government through the Special Agro-Industrial Processing Zones Programme is targeting a $1bn agricultural investment that would lead to rhe creation of 500,000 jobs by 2027.
In partnership with development financing institutions, including the African Development Bank (AfDB), the International Fund for Agricultural Development (IFDB), and the Islamic Development Bank (IsDB), the first phase of SAPZ would be implemented in seven states, a document released by the National Programme Coordinator, SAPZ Dr. Kabir Yusuf said.
Recall that the Minister of Finance, Mr. Wale Edun had convened a high-level dialogue at the AfDB to revolutionize Nigeria’s Agricultural Sector and accelerate the implementation of the Special Agro-industrial Processing Zones (SAPZ-1) Programme.
At the AfDB country office in Abuja, Edun stated that the SAPZ-1 initiative aims to transform agriculture into a key driver of economic growth and industrialization, requiring collaboration between state governments, the private sector, and development partners to address implementation challenges.
According to Yusuf, Imo, Ogun, Oyo, Kaduna, Kano, Cross River, and Kwara states, are already active with the programme
He also added that by 2027, 100,000 farmers will be trained and empowered in climate-smart agriculture.
He said federal government plans to construct and rehabilitate 190 feeder roads at the farm level to help reduce post-harvest losses in the affected areas.
He said, “$1bn in new investment from private sector companies within the agro-processing hubs and agricultural transformation centres, as well as 500,000 jobs disaggregated by direct and indirect age group and gender.
“AfDB will provide an ADB loan of $160m (29.7 per cent of total cost), together with an Africa Growing Together Fund loan of $50m (9.3 per cent). The IsDB and IFAD will provide parallel co-financing of $150m (27.9 per cent) and $100m (18.6 per cent), respectively.
“Additional resources ($60m, 11.1 per cent) will be mobilised through the Green Climate Fund by IFAD from the IGREENFIN initiative. The Federal and State Governments will contribute $18.05 million (3.4 per cent) in both cash and kind.
“The AfDB will finance all SAPZ-1 programme components in Ogun, Oyo, Kaduna, Cross River, and Imo States. Under parallel co-financing arrangements, IFAD will finance activities under Component 2 of the programme in Kano and Ogun States and related management costs, while IsDB will finance activities across all programme components in Kano and Kwara States, as well as the Federal Capital Territory.”