The African Development Bank, AfDB, has perfected plans to disburse $540 million to the first phase of states in Nigeria for developing Special Agro-Industrial Processing Zones, SAPZs.
Stanley Nkwocha, Senior Special Assistant on Media to Vice President Kasim Shetima, disclosed this in a statement on Monday.
According to him, the Senior Special Adviser on Industrialization to the AfDB President, Prof. Banji Oyeyinka, made this known in an update report to the Vice President.
He said the first disbursement phase will commence in seven states, namely Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory, FCT.
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“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.”