11
Apr
Apr
AFDB REAFFIRMS $2.2 BILLION PLEDGE AS VP SHETTIMA COMMISSIONS 2ND SAPZ IN CROSS RIVER
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CapitalTimesNews / 1 week
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The Federal Government has commenced construction of the Special Agro-Industrial Processing Zone (SAPZ) in Calabar, Cross River State, as part of a nationwide drive to transform the agricultural sector and stimulate inclusive economic growth across Nigeria. This is the second facility initiated within 72 hours, following the groundbreaking ceremony for the Kaduna State SAPZ. Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, disclosed that the African Development Bank (AfDB) has reaffirmed its commitment to mobilizing an additional $2.2 billion to execute the second phase of the SAPZ project across 28 states in Nigeria. Nkwocha said the project aligns with President Tinubu’s Renewed Hope Agenda, aimed at diversifying the nation’s economy, addressing food security, tackling rural unemployment, and empowering farmers and the youth population. Vice President Kashim Shettima described the project as “a game changer” that will transform Nigeria’s agricultural value chain. “There is no intervention more practical in our dream of a nation where the potential of agriculture is maximized than what’s brought us together today. This isn’t just a project—it’s a bold vision to transform Nigeria’s agricultural value chain,” Shettima said. He explained that the SAPZ initiative will address challenges hindering the growth of Nigeria’s agricultural economy, including inadequate processing infrastructure, limited access to markets, and rural unemployment. Shettima further disclosed that the Calabar SAPZ will serve as a hub for agro-processing and storage, providing farmers and agripreneurs with critical infrastructure to scale their operations and tap into local and international markets. “These zones will generate thousands of jobs. They will create opportunities for young people, empower them with skills and knowledge to engage in meaningful work and help them contribute positively to the economy,” he stated. Nkwocha also expressed gratitude to key international development partners, including the AfDB, Islamic Development Bank (IsDB), and International Fund for Agricultural Development (IFAD), for their support and belief in Nigeria’s vision. Shettima commended Cross River State Governor, Senator Prince Bassey Edet Otu, for his collaboration. The Governor said the program marked a watershed in the state’s bid to establish a renewable resource base through agriculture and its multiple value chains. “The deliverables of the envisaged projects are food security, diversification of the state economy towards export-oriented trajectory, and increase in the State’s GDP,” Otu added. Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the program would transform the agricultural production and agro-investment landscape in Nigeria. AfDB President, Dr. Akinwumi Adesina, reiterated the bank’s pledge to mobilize $2.2 billion for the SAPZ project in 28 states. “We have put together a financing package of $510 million to make this work. We expect, in the second phase, to mobilize $2.2 billion to work for 28 states across the federation with several partners,” Adesina stated.
