- AfDB boosts Nigeria’s agriculture
- $1 billion SAPZ program expansion
- Reducing food import dependence
The African Development Bank (AfDB) is set to inject $1 billion into the second phase of its Special Agro-Industrial Processing Zones (SAPZ) program, expanding the initiative to 28 more Nigerian states.
Enhancing Local Food Production
AfDB President Akinwumi Adesina announced this during the launch of a soybean refinery by CSS Global Integrated Farms in Nasarawa State. The refinery is expected to cut Nigeria’s reliance on imported crude soybean oil, which cost the country $62.2 million in 2023. Adesina urged the government to implement policies that promote local food production to address rising food costs and hunger.
SAPZ Expansion Plans
Currently, a $538 million SAPZ program operates in seven states and Abuja. The new funding will broaden its reach, with contributions from AfDB, the Arab Bank for African Economic Development, and private sector partners. Nasarawa State is among the new beneficiaries, with CSS Farms set to drive agricultural value chains as an anchor investor.
Call for Bold Policies
Adesina highlighted the urgent need for comprehensive support for farmers and agribusinesses. Comparing current rice prices of over N100,000 per bag to N8,000 during his tenure as Agriculture Minister, he emphasized the importance of bold incentives to boost local production, processing, and supply chains.
