The African Development Bank(AfDB) has announced plans to disburse $540 million to states in Nigeria and the Federal Capital Territory to boost food security and agro-industrial development.
The first set of benefitting states are Oyo, Cross River, Kaduna, Imo, Kano, Kwara, Ogun and Federal Capital Territory.
African Development Bank said the initial phase of disbursement to states in Nigeria was for the development of Special Agro-Industrial Processing Zones(SAPZs).
The SAPZs project aims to transform rural areas into economic hubs by harnessing the potential of commercial agriculture and food processing.
The Senior Special Adviser on Industrialization to the AfDB President, Prof. Banji Oyeyinka, revealed this in an update report to the Vice-President Kashim Shettima in Abuja.
Oyeyinka emphasized that the Bank has raised $540,000,000 in catalytic funding and expect every state to find a partner to bring equity and collaborate with them.
He also highlighted that it is a government-enabled project but driven by the private sector.
He added that the primary objective is to support inclusive and sustainable agro-industrial development in Nigeria, and phase one of the project is currently at the stage of disbursement, with Kaduna, Oyo, and Cross River states in the process of receiving disbursements.
