The African Development Bank (AfDB) will assist Nigeria in developing Special Agro-Industrial Processing Zones as part of the country’s efforts to achieve food security.
Dr Akinwumi Adesina, President of the bank and a former Minister of Agriculture in Nigeria, disclosed this while briefing President Muhammadu Buhari at State House in Abuja on Tuesday.
According to a statement issued by the president’s spokesman, Femi Adesina, “we have decided to mobilise $540 million for the programme. “A total of $210 million has been approved by the African Development Bank. The Islamic Development Bank and the International Fund for Agricultural Development (IFAD) have each approved $170 million and $160 million for the programme, respectively”.
According to the AfDB President, the processing zones will initially be implemented in seven states: Kano, Ogun, Oyo, Kaduna, Kwara, Imo, Cross River, and the Federal Capital Territory.
“I look forward, Your Excellency, to your formal launch of these Special Agro-Industrial Processing Zones, very soon,” Dr Adesina added.
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President Buhari praised the AfDB for being forward-thinking and proactive about food security on the African continent, particularly in Nigeria.
Recall that, The African Development Bank’s (AfDB) Board of Directors has approved a €9.8 million equity investment to support venture capital investments in African start-ups from seed to growth stages.
In addition to the African Development Bank’s contribution of €7 million, the European Union (EU) will contribute an additional €2.8 million through a partnership with the Organization of African, Caribbean, and Pacific States (OACPS).
The investment will assist Cathay-AfricInvest Innovation Fund in meeting its goal of raising €110 million to invest in over 20 early-stage ventures in Sub-Saharan Africa (SSA).
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The Innovation Fund focuses on financial inclusion (financial technology and insurance technology), retail and logistics platforms aimed at online/mobile consumers, healthcare technologies, the pay-as-you-go ecosystem, and off-grid energy technologies.
The AfDB revealed this in a press release issued yesterday.
More recently, the Innovation Fund has broadened its focus to include start-ups that are capitalizing on new digital opportunities created by the Covid-19 pandemic, or that have a high potential to aid in the fight against the coronavirus. AfricInvest Capital Partners and Cathay Innovation SAS are co-sponsors of the Mauritius-based Fund.
