The president of the African Development Bank (AfDB), Akinwumi Adesina, announced on Tuesday, April 8th, that the bank is mobilising $2.2 billion (R43.47 billion) to establish agricultural processing zones in 28 Nigerian states to increase food security and generate employment.

Speaking in northern Kaduna state, Adesina announced the initiative’s initial phase, which was to reach five states. This phase, which was first introduced in 2022, is funded by over $500 million.

According to the AfDB president, the finance requirements for the second phase will soon be presented to the Afdb board for approval.

At the ceremony, he stated, “I would like to say that we have been able to mobilise $2.2 billion of investment interest to support the second phase across Nigeria.”

As stated by Adesina, in addition to the AfDB, other organisations that would contribute to the $2.2 billion include the Arab Bank for Economic Development, Africa Import-Export Bank, agri-investment fintech Sahara Farms, and French and American institutions.

The agro-processing zones aim to build facilities to process agricultural goods closer to farmers, reducing post-harvest losses and boosting value chains from fields to market.

Nigeria spent $4.7 billion on food imports last year. The African Development Bank and Nigerian government are initiating efforts to reverse this trend by increasing funding and support for the agricultural sector.

Source: TimesLive