RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Agriculture

Nigeria Launches $520 Million Special Agro-Industry Processing Zones

Rate Captain by Rate Captain
October 25, 2022
in Agriculture, macroeconomy, News
Reading Time: 3 mins read
A A
0
Nigeria Launches $520 Million Special Agro-Industry Processing Zones
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

In supporting the country’s initiative to increase agricultural output and achieve food security, Nigeria has launched the Special Agro-Industry Processing Zones (SAPZ), a program initiated by the African Development Bank (AFDB).

According to a press release by the AFDB, the Bank’s President Dr. Akinwumi Adesina, said the Special Agro-industrial Processing Zones are brand-new economic zones in rural areas that will be completely supported by infrastructure (power, water, roads, digital infrastructure, and logistics), allowing food and agribusiness companies to locate within such zones.

AlsoRead

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

The launch event which took place on Monday in Abuja was to set off the implementation of phase one of the SAPZ program in eight states across the country.

According to the press statement by the AFDB, the African Development Bank is will provide $210 million, with a total of $310 million to be provided by the Islamic Development Bank and the International Fund for Agricultural Development (IFAD), while the government of Nigeria funding totals $18.05 million.

What they are saying
The implementation of the first phase of the SAPZ is seen as the beginning of the journey to ending hunger and food insufficiency in the country.

In statements made by Vice President Professor Yemi Osinbajo, President Muhammadu Buhari of Nigeria applauded the initiative and added, “if the Special Agro-industrial Processing Zones program delivers on its objectives, and we have no doubt that it will, then we would in less than a decade have dealt a fatal blow to food insecurity, create millions of good paying agro-industrial jobs and opportunities and radically improve export earnings from agriculture.”

According to Dr. Akinwunmi Adesina, a former Minister of Agriculture in Nigeria and recipient of the World Food Prize, “hunger in Nigeria cannot be justified. Nigeria has the land, with 34 million hectares of arable land with rich and diverse agroecology. It has water. It has the labor. It has great sunshine. Nigeria must achieve zero hunger. There is no reason for anyone to go hungry in Nigeria.”

Adesina urged more action, responsiveness, and delivery to avert a food catastrophe in Nigeria, noting that Nigeria is now ranked 103rd out of 121 nations experiencing a hunger crisis globally in the most recent Global Hunger Index (2022). He said,

“Nigeria must decisively tackle insecurity challenges that prevent farmers from going to the farms. Food security needs national security.”

Speaking at the launching ceremony, the President of the Islamic Development Bank, Dr. Muhammad Al Jasser said, “with the disruption of supplies arising from the war, Africa now faces a shortage of at least 30 million metric tons of food imports from Russia and Ukraine, especially for wheat, maize, and soybeans. Urgent actions are needed to prevent a food crisis in Africa.”

He expressed optimism that Nigeria will successfully implement the SAPZ initiative, which would increase food production, lower inflation in food prices, change the agriculture industry, provide food security, and generate jobs.

Ms. Katherine Meighan, Associate Vice President of the International Fund for Agricultural Development, stated that her organization is committed to helping 100,000 direct beneficiaries, including smallholders, small processors, traders, and service providers in Ogun and Kano State, with a strong emphasis on youth and women, achieve the overall goal of the SAPZ program.

She said, “our empowerment strategy aims to equip farmers and smallholders to take advantage of the markets created by the SAPZ to sustainably enhance their income through income-generating activities, household food security and nutrition, and resilience to climate change.”

The African Development Bank established the $1.5 billion African Emergency Food Production Facility to assist 20 million farmers in accessing climate-resilient agricultural technologies and produce 38 million metric tons of food valued at $12 billion, thereby preventing a food crisis in Africa as a result of the Russia-Ukraine conflict.

According to Adesina, the African Emergency Food Production Facility provided $134 million to Nigeria, one of the highest levels of support across African countries. The Japanese International Development Agency (JICA) co-financed this with an additional $110 million. That means that a total of $244 million was contributed toward the production of emergency food in Nigeria.

Previous Post

Union Bank gets mandatory takeover notice from Titan Trust Bank

Next Post

LASG restates capacity to manage its situation regarding national flood issue

Related News

Otedola acquires 5.52% of Transcorp Plc.

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

by Rate Captain
August 22, 2025
0

In a rare moment of vulnerability, billionaire businessman Femi Otedola has shared the story of how he lost nearly N200...

EFCC Launches Task Force to Combat Naira Mutilation and Dollarization

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

by Victoria Attah
June 17, 2025
0

The Economic and Financial Crimes Commission (EFCC) has charged Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria...

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

by Victoria Attah
June 4, 2025
0

Kenya’s Ministry of Health announced plans to relocate critical health data hosted in the United States to local servers, following...

Ghana Reaches Agreement on Eurobond Restructuring: Key Details Explained

Eurobonds Market: A Quiet Week Turns Upbeat on Global Cues

by Stephen Akudike
June 2, 2025
0

The Eurobonds Market kicked off the week in a muted tone, with trading volumes subdued due to the Memorial Day...

Next Post
LASG restates capacity to manage its situation regarding national flood issue

LASG restates capacity to manage its situation regarding national flood issue

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

January 27, 2026
 Top Story: Central Bank Raises MPR by 200 Basis Points to 24.75%

National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

January 27, 2026

Popular Story

  • LIRS Shuts 34 Companies Over Tax Non-Compliance

    LIRS Warns Banks, Employers and Others: We’ll Deduct Unpaid Taxes Directly from Your Funds

    0 shares
    Share 0 Tweet 0
  • Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

    0 shares
    Share 0 Tweet 0
  • US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

    0 shares
    Share 0 Tweet 0
  • Nigeria Customs Service Surpasses N7.2 Trillion Revenue Target in 2025

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>