Oyo, Cross River, and Imo, along with four other states and the Federal Capital Territory, are set to receive the initial disbursement of $540 million from the African Development Bank (AfDB).
The funds aim to propel the development of Special Agro-Industrial Processing Zones (SAPZs) across the nation.
Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to AfDB President Akinwumi Adesina, revealed the development during a report presentation at the Presidential Villa in Abuja.
The SAPZs initiative seeks to transform Nigeria’s rural areas into hubs of economic prosperity.
This news follows a promise made by Adesina to President Bola Tinubu, announcing a $520 million investment in the zones during a summit in Paris in June 2023.
The first phase is already underway, with Kaduna, Oyo, and Cross River States in the process of receiving disbursements.
Oyelaran-Oyeyinka emphasized the importance of private-sector involvement, stating, “It is a government-enabled project but private-sector driven.” The first phase involves seven states: Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory.
Vice President Kashim Shettima urged swift action, emphasizing the need for both the government and development partners to turn plans into reality. The three mentioned states will be the initial beneficiaries of phase one, with others to follow as documentation concludes.
In a related report on the revitalization of the Ajaokuta Steel Company Limited, the United Nations Industrial Development Organisation proposed a comprehensive recovery plan.
This plan includes rehabilitating, modernizing, and expanding the integrated steel plant, transforming it into strategic business units.
VP Shettima stressed the urgency for concrete actions, declaring, “We have passed the age of talking; we must walk the talk.”
He emphasized the necessity of realizing the vision of President Tinubu and cited examples of successful industrial transformations, urging determination and collective effort to bring positive change to Nigeria.
