By Obiabin Onukwugha
The African Development Bank (AfDB) is set to invest $1 billion in the second phase of its Special Agro-Industrial Processing Zones (SAPZ) program to cover 28 states across Nigeria.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, made this disclosure during the inauguration of a soybean plant and refinery established by the Called Servant to Service (CSS) Global Integrated Farms in Gora, Karu Local Government Area of Nasarawa State, at the weekend.
Adesina said the continental apex bank and its partners were already supporting the federal government in implementing a $538 million programme for the development of SAPZ in seven states of the country and the Federal Capital Territory ((FCT).
The seven states, according to Adesina are: Cross River, Imo, Oyo, Ogun, Kaduna, Kano and Kwara.
“The second phase of the programme would cover the remaining 28 states, with a financing target of one billion dollars from AfDB, the Arab Bank for African Economic Development, and the private sector,” he stated.
Adesina described the refinery, which has a capacity to produce 10,000 liters of soybean oil per day, as a major milestone in Nigeria’s agricultural sector, observing that the refinery would contribute to reducing Nigeria’s crude soybean oil imports, which were estimated at $62.2 million in 2023.
He said the success of the farm’s operations would be greatly enhanced within the context of the development of Special Agro-Industrial Processing Zones (SAPZ) in the country.