The African Development Bank (AfDB) has resolved to give a loan of $210 million to Nigeria for special agro-industrial processing zones.
The President of AfDB, Dr Akinwunmi Adesina, said the load had been approved by the bank’s Board of Directors.
The loan would help to unlock the country’s agricultural sector and impact the lives of millions of people in Africa’s most populous country.
Adesina, who disclosed this in a statement, said the loan would also assist in promoting industrialisation in the country through strategic development of crops and livestock
He said the credit facility would co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Programme, noting that the Phase 1 of the project would target seven Nigerian states and the country’s Federal Capital Territory.
Adesina added that the project would support Nigeria’s efforts to raise agricultural productivity, promote investment, create wealth and jobs, and transform rural areas into corridors of economic prosperity.
Noting that the first phase would be implemented with co-financing from other partners in $538.05 million cash, he said: “A $210 million loan approved by the African Development Bank’s Board of Directors on Monday could impact the lives of millions of people in Africa’s most populous country.
“The loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Programme. The program will help to unlock Nigeria’s agriculture sector potential. It will promote industrialisation through the development of strategic crops and livestock.