Nigeria has requested enhanced funding commitment from the African Development Bank (AfDB) to support the second phase of the Special Agro-Industrial Processing Zones (SAPZ), a flagship initiative aimed at accelerating agricultural industrialisation and boosting export diversification.
Vice President Kashim Shettima made the appeal in New York over the weekend during a bilateral meeting with AfDB President, Dr Sidi Ould Tah, on the sidelines of the 80th Session of the United Nations General Assembly (UNGA).
SAPZ Phase 2 is expected to scale up climate-resilient infrastructure and drive inclusive agro-industrial growth across 24 additional states, expanding from the initial eight states and the Federal Capital Territory. The project is designed to shift Nigeria’s economy from dependence on crude oil to value-added agricultural exports.
In a statement issued by his Media Assistant, Stanley Nkwocha, Shettima reminded AfDB of Nigeria’s significant stake in the institution, noting that the country is its largest shareholder with a portfolio exceeding $10 billion.
“We urge you to further support us in the Phase 2 Special Agro-Industrial Processing Zones (SAPZ). You assisted us with $300 million when you were in Liberia,” the Vice President stated.
AfDB’s backing for Phase 2 is expected to unlock large-scale investments in agro-processing, create jobs, and enhance food security while positioning Nigeria as a competitive player in global agricultural value chains.
