Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) project secures over $2.2 billion in investment commitments at the Africa Investment Forum (AIF) 2024 in Rabat, Morocco.
The African Development Bank (AfDB), which initiates the program, facilitates the investment pledges. These commitments come from Nigerian state governors, multilateral development organizations, the diplomatic corps, and private sector investors, all during discussions held in the presidential boardroom at the forum.
The AfDB confirms that the funds will support phase two of the SAPZ project, following the successful completion of phase one. Phase two focuses on establishing agro-industrial hubs to drive productivity, improve food security, enhance living standards, and create jobs.
The program currently operates in eight Nigerian states—Cross River, Imo, Ogun, Oyo, Kaduna, Kano, Kwara, and the Federal Capital Territory (FCT). AfDB plans to extend phase two to 24 additional states.
Dr. Akinwunmi Adesina, the President of the AfDB Group, expresses his excitement about the investment, noting that it will create significant job opportunities and empower the agricultural sector. He sees this investment as a key moment for Nigeria’s agricultural transformation, positioning the country as a leader in agro-industrialization.
“These investments demonstrate the power of collaboration to achieve sustainable development in Africa,” Dr. Adesina says.
Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to the AfDB President, stresses the importance of industrializing Nigeria’s agriculture. He points out that Nigeria’s agricultural output is low due to a lack of industrialization and technological advancements. For example, while Nigeria is a top producer of cassava, it produces very few industrial derivatives such as starch.
Oyelaran-Oyeyinka explains, “To produce starch from cassava, for every ton of starch, you need four tons of cassava. This ratio applies to many commodities. Despite being the largest producer of cassava, Nigeria only produces one percent of industrial derivatives because we don’t have enough production.” He argues that without industrializing agriculture, Nigeria will continue to face economic challenges.
The SAPZ initiative aims to transform Nigeria’s agricultural sector and achieve food security by developing agro-industrial hubs, enhancing institutional capacity, and boosting agricultural productivity across the value chain. The project also focuses on creating an environment for private investment and technological innovation.
The SAPZ program currently operates in eight states, including Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, Kano, and the FCT.
 project secures over $2.2 billion in investment commitments at the Africa Investment Forum (AIF) 2024 in Rabat, Morocco.){kind=link}