African Development Bank to give Nigeria $540M for agricultural development

 

The African Development Bank (AfDB) will contribute $540 million to Nigeria for agricultural development.

 

According to AfDB spokesman Banji Oyelaran-Oyeyinka, the bank will distribute the funding to seven states to help them construct Special Agro-Industrial Processing Zones (SAPZs).

 

Oyelaran-Oyeyinka stated that the SAPZs project intends to transform rural regions into economic hubs by capitalizing on their commercial agricultural and food processing potential.

 

Noting that the AfDB's principal goal is to promote inclusive and sustainable agricultural-industrial development in Nigeria, Oyelaran-Oyeyinka stated that the investment will help the country tackle food insecurity.