AfDB To Release $2.2 Billion Nigerian Agro-Industrial Fund From 2025

The African Development Bank (AfDB) is set to release a whopping $2.2 billion Nigerian Agro-Industrial Fund from 2025. This fund is specifically designed for the development of Special Agro-Industrial Process Zones (SAPZ) in Nigeria.

According to Abdul Kamara, Director General of the AfDB Nigeria Office, the funds will be used to establish agro-industrial hubs, processing facilities, aggregation centers, and agricultural transformation initiatives. The goal is to boost Nigeria's agricultural sector and promote food security.

The project, which was approved by the AfDB Board in 2021, had faced some delays due to various factors. However, with the involvement of co-financiers like the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank, the project is now gaining momentum.

Kamara noted that the AfDB has already secured commitments from various financiers amounting to $2.2 billion, with the Bank contributing around $1 billion. This investment is expected to deliver impactful results, similar to those seen in other AfDB projects.