AfDB Set To Disburse $540m For Special Agro-Industrial Processing Zones

The African Development Bank (AfDB) has announced a whopping $540 million disbursement to the first batch of states that submitted applications for the Special Agro-Industrial Processing Zones. This is fantastic news for Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory (FCT).The project is poised to revolutionize agriculture in these states by developing infrastructure, establishing 15 Agricultural Industrial processing hubs, 15 Agric Transformation Centers, and supplying agricultural inputs and extension workers. Consequently, beneficiaries will include smallholder farmers, private sector agric biz, agro-dealers, agro-processors, and agric-preneurs. An estimated 1.5 million households will also benefit from this initiative.

The first states to receive the credit are Oyo, Kaduna, and Cross River, with others following suit after completing the necessary documentation. As active citizens, it is our duty to follow the implementation of this project. It is worth noting that the loan was approved during the Buhari administration on the 13th of December 2021 and signed on the 30th of June 2022.