The African Development Bank Group has successfully facilitated the mobilization of $2.2 billion to support the second phase of Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) initiative.
This funding was announced during the Africa Investment Forum in Morocco, where Nigerian state governors, leaders from multilateral development organizations, diplomats, and private sector investors gathered to show their support for the project.
In a statement released on Tuesday, the bank highlighted that this new funding builds upon the success of the first phase, emphasizing a commitment to scaling up investments that link both federal and state governments to essential agricultural infrastructure. The boardroom session at the forum attracted key investors, including Arise IIP, the Arab Bank for Economic Development in Africa, the Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the US Development Finance Corporation.
By the end of the session, the total deal value of $2.2 billion was confirmed, marking a significant milestone for SAPZ Nigeria Phase II. The first phase of the SAPZ program is already benefiting states such as Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the Federal Capital Territory. The second phase is set to expand to 24 additional states over the next three years, further integrating Nigeria’s agriculture with agro-industrialization to drive economic growth.
Dr. Akinwumi Adesina, President of the African Development Bank Group, remarked, “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 initiative is a nationwide, government-supported, and private-sector-driven investment project designed to transform Nigeria’s agricultural sector. The zones are strategically located in areas with high agricultural production potential and are equipped with necessary infrastructure, services, and policy incentives to attract and integrate agricultural and industrial businesses.
Dr. Beth Dunford, Vice President for Agriculture, Human, and Social Development at AfDB, chaired the presidential boardroom session, which also featured remarks from AfDB President Dr. Akinwumi A. Adesina and other prominent figures. Princess Audu, the Adviser to President Bola Tinubu on Foreign Direct Investment, represented Nigeria’s Vice President at the event. Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization, highlighted the successes of Phase I and outlined the roadmap for Phase II.
He confirmed that construction for Phase I will begin in the coming months, with a flag-off ceremony scheduled for December. Dr. Abdul Kamara, Director-General for Nigeria at AfDB, expressed enthusiasm for the upcoming investments.
