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AfDB, partners vote additional $1 billion to fund special Agric zones in 24 states



Dr. Akinwumi Adesina

The African Development Bank (AfDB), alongside the Islamic Development Bank (IDB) and the International Fund for Agricultural Development on Thursday hinted that they have voted $1 billion to further deliver special agro-industrial processing zones in 24 States of Nigeria.

This information was contained in a statement by Stanley Nkwocha, the Senior Special Assistant to the President, Media and Communications (Office of the Vice President).

The statement further stated that the $1bn pledge is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.

Dr. Akinwumi A. Adesina, the President of the African Development Bank Group disclosed the pledges to the Nigerian agribusiness at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

According to Dr Adesina, the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.