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AfDB Pledges $540 Million for Special Agro-Industrial Processing Zones in Nigeria

By Faridat Salifu

The African Development Bank (AfDB) has pledged a whopping $540 million to support the development of Special Agro-Industrial Processing Zones in Nigeria. Oyo, Cross River, Imo, and other states will be among the first to receive the funds.

This was revealed on Monday during a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja.

Their goal is to assist with the establishment of Special Agro-Industrial Processing Zones in Nigeria. the Federal Capital Territory is scheduled to get the AfDB’s first round of payments.

Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the AfDB President, disclosed that the funding is aimed at supporting inclusive and sustainable agro-industrial development in Nigeria.

Oyelaran-Oyeyinka emphasized that the project is government-enabled but private-sector driven and expressed the importance of states collaborating with partners to bring equity to the project.

Furthermore, Vice President Kashim Shettima stressed the need for immediate action, highlighting the importance of transitioning from talk to tangible progress.

The VP emphasized that it is essential for the government and its development partners to deliver on their commitments and ensure that the visions for economic transformation are realized for the benefit of all Nigerians.

Additionally, the Ajaokuta Steel Company Limited was a focus during the visit, with discussions on a recovery plan that includes revitalization through rehabilitation, modernization, and expansion.

The Head of Investment and Technology Promotion Office at the United Nations Industrial Development Organization, Abimbola Wycliffe, outlined the plan, emphasizing the need to prioritize strategic business units (SBUs) for incremental investments and quicker positive cash flows.

In response to the discussions, VP Shettima reiterated the urgency of taking action and driving change, drawing inspiration from the experiences of other nations that have transformed their economies against all odds.

The AfDB’s commitment and the collaborative efforts of government and development partners reflect a concerted approach to fostering economic growth and development in Nigeria.

This collaborative effort signals a positive step towards boosting economic growth and development in Nigeria, demonstrating the commitment of the AfDB, government, and development partners to drive meaningful change and transformation.

 

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