President Tinubu-led administration has disclosed that the first disbursement phase of $540 million by the African Development Bank, AfDB for developing Special Agro-Industrial Processing Zones, SAPZs will commence in seven states in Nigeria.
Stanley Nkwocha, Senior Special Assistant on Media to Vice President Kasim Shetima, disclosed this in a statement on Monday.
He said the disbursement will begin in Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory, FCT, saying that the Senior Special Adviser on Industrialization to the AfDB President, Prof Banji Oyeyinka, made this known in an update report to the Vice President.
“We raised $540,000,000 in catalytic funding, and we expect every state to find a partner that will bring equity and join up with them. It is a government-enabled project but private-sector-driven”, Oyeyinka said in his presentation.
“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria.
“Phase one of the project is at the point of disbursement. Kaduna, Oyo, and Cross River states are all in the process of receiving disbursements," he said.
