THE African Development Bank (AfDB) has mobilised $2.2bn in investments to expand Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) initiative, a flagship project aimed at revolutionising the country’s agricultural sector.
The announcement came during the Africa Investment Forum in a packed presidential boardroom on December 4, attended by Nigerian state governors, international development partners, diplomats, and private sector investors.
Driving agricultural and economic transformation
The SAPZ project aims to establish agro-industrial hubs in regions with strong agricultural potential, providing infrastructure and policy support to drive productivity, enhance food security, create jobs, and boost rural economies. Phase II of the initiative will expand the programme to 24 additional states over the next three years, building on the success of Phase I, which currently involves seven states and the Federal Capital Territory.
‘This marks a defining moment for Nigeria’s agricultural transformation,’ said AfDB President Dr Akinwumi Adesina. ‘The SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialisation. It demonstrates the power of collaboration for sustainable development in Africa.’
High-level support and commitment
Key stakeholders reaffirmed their support for the initiative. Princess Zahrah Mustapha Audu, Adviser to President Bola Tinubu on Foreign Direct Investment, joined governors and representatives from multiple Nigerian states in pledging to facilitate land allocation, infrastructure development, and favourable policies.
International investors, including Arise IIP, Africa Export-Import Bank, and the US Development Finance Corporation, also expressed confidence in the initiative, which has secured a total deal value of $2.2bn.
Milestones and vision
Phase I construction is set to commence in the coming months, with a launch ceremony planned for December. Prof Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the AfDB President, outlined a roadmap for scaling up efforts, emphasising the project’s potential to integrate agriculture with industrialisation for sustainable economic growth.
Economic impact
Earning praise for addressing food security and job creation, the SAPZ programme is expected to revitalise Nigeria’s agricultural sector while bolstering regional and international trade.
‘This significant investment interest demonstrates the growing confidence in Nigeria’s agricultural sector to drive economic growth and create opportunities,’ said Dr Abdul Kamara, AfDB’s Director General for Nigeria.
The SAPZ initiative underscores the African Development Bank’s commitment to leveraging innovative partnerships for impactful, large-scale development across the continent.
