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African Development Bank Mobilize $540 Million For Special Agro-Industrial Processing Zones In Nigeria

The African Development Bank (AfDB) has mobilized a total of $540 million for the establishment of Special Agro-Industrial Processing Zones in Nigeria as part of the quest for food security in the country.

Dr Akinwumi Adesina, President of the Bank and a former Minister of Agriculture in Nigeria told President Muhammadu Buhari during his meeting at the Presidential Villa, Abuja on Tuesday already, the Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have approved a total of $330 million for the projects.

The processing zones will initially be rolled out in seven States of the federation, including Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River and the Federal Capital Territory.

A statement on Wednesday by Presidential Spokesperson, Femi Adesina, quoted Dr Adesina as saying that “we have decided to mobilize $540 for the program. The African Development Bank has approved a total of $210 million. The Islamic Development Bank, and the International Fund for Agricultural Development (IFAD) have approved $170 million, and $160 million respectively, towards the program.

“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon.”

President Buhari commended AfDB for its foresight and being proactive about food security on the continent and Nigeria specifically.

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