About $2.2 billion in capital mobilization has been facilitated for its transformative Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project, the African Development Bank (AfDB) Group stated during the Africa Investment Forum (AIF).
The interest was garnered during a Presidential Boardroom held with governors from the Nigerian States, leaders from multilateral development organizations, the diplomatic corps as well as private sector investors, according to the bank’s statement.
The investors were said to have expressed support to scaling up financing to both the national and sub-national Governments connected to the SAPZ Nigeria initiative.
The statement reads further: “This ambitious initiative is set to revolutionize Nigeria’s agricultural sector. Building on Phase I, it is intended to create agro-industrial hubs that drive productivity, enhance food security, raise living standards and create jobs.”
Speaking during the Boardroom, AfDB Group President Dr. Akinwumi Adesina, was quoted as saying: “This is a defining moment for Nigeria’s agricultural transformation. “The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization.
“These investments exemplify the power of collaboration to achieve sustainable development in Africa.”
The SAPZ Nigeria Program is structured as a country-wide government-enabled and private-sector-led investment program targeted to:
- Provide infrastructure for the establishment of agro-industrial zones,
- Strengthen institutional capacity and business environment for agro-industrial development; and,
- Support agricultural productivity, skills, and private investment across value chains.
According to the promoters, SAPZs are established in areas with high agricultural production potential. They are provided with infrastructure, common services, and supported by policy incentives to integrate agricultural and industrial businesses.
Through value-added manufacturing, they have the potential to trigger the long-delayed structural transformation that revitalizes rural areas, enhance food security, improve employment, and boost regional and international trade.
Phase I Nigerian States benefiting from the program are Cross River, Imo, Ogun, Oyo, Kaduna, Kwara and Kano, and the Federal Capital Territory.
SAPZ Nigeria Phase II is underway to expand to an additional 24 States in Nigeria in the next 3 years and will link Nigeria’s agriculture to agro-industrialization to drive economic growth.
This ambitious initiative is set to revolutionize Nigeria’s agricultural sector. Building on Phase I, it is intended to create agro-industrial hubs that drive productivity, enhance food security, raise living standards and create jobs.
Phase II roadmap
Also present at the Boardroom were AfDB Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, who chaired the meeting as well as Mr Adesina’s Senior Special Adviser on Industrialization, Prof. Banji Oyelaran-Oyeyinka.
They highlighted the achievements of Phase I and presented the roadmap for Phase II.
Mr. Oyelaran-Oyeyinka assured the audience that Phase 1 construction will commence in few months, with a flag-off ceremony planned for this December.
The Nigerian contingent included Special Adviser to the President on Foreign Direct Investment, who represented the Vice President, Zahrah Audu, and the Governors of Katsina, Kaduna, Lagos, Kwara, Plateau States participated in the Boardroom.
Others were commissioners and other representatives from Kogi, Gombe, Kebbi, Imo, Anambra, and Niger States.
They reaffirmed their commitment to creating a conducive environment for the initiative, highlighting progress in land allocation, infrastructure readiness, and policy facilitation at the federal and state levels.
Leading investors, such as Arise IIP, Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the U.S. Development Finance Corporation also attended the Boardroom.
At the end of the session, organizers announced a total deal value of $2.2 billion, marking a significant step toward realizing the vision of SAPZ Nigeria Phase II.
Commenting, AfDB’s Director-General for Nigeria, Dr. Abdul B. Kamara, said: “I am pleased to see this whopping investment interest and commitments by our financing partners for Nigeria, at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities and boost economic growth,”
The Nigeria SAPZ II project demonstrates the Bank’s commitment to leveraging partnerships for large-scale, impactful development initiatives, in line with its innovative solutions that drive inclusive growth across Africa.
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