AfDB's $2.2 Billion Boost for Nigeria's Agro-Processing

The African Development Bank is investing $2.2 billion to establish agricultural processing zones across 28 Nigerian states, aiming to enhance food security and create jobs. The initiative involves partnerships with various banks and institutions to reduce post-harvest losses and improve value chains.

The African Development Bank (AfDB) is spearheading a major initiative to bolster Nigeria's agricultural sector. Akinwumi Adesina, the bank's president, announced the mobilization of $2.2 billion to develop agricultural processing zones across 28 states.

Speaking in Kaduna state, Adesina highlighted the launch of the project's first phase, targeting five states with an initial investment of over $500 million. The second phase's funding needs will soon be presented to the AfDB board for approval.

Collaborating with banks and financial institutions, the AfDB aims to reduce post-harvest losses and strengthen value chains. Nigeria, which spent $4.7 billion on food imports last year, hopes to reverse this trend through strategic agro-investment.

(With inputs from agencies.)