3 banks to support Nigerian farmers with $1.7 bn

By Bashir Usman

The Bank of Industry, African Development Bank and the International Fund for African Development will provide funds totalling 1.7 billion Dollars to support the Special Agro-Industrial Processing Zones (SAPZ) project in Nigeria.

The project focuses on raising the productivity and competitiveness of the country’s agriculture sector and reducing poverty in rural areas.

NATIONAL PANEL gathered that the SAPZ project would help the government expand economic opportunities in the agric sector by enhancing processing infrastructure and services to rural families.

This was made known during an interactive session with journalists at a webinar on Saturday by the AfDB President’s Senior Special Adviser on Industrialisation, Prof. Oyebanji Oyelaran-Oyeyinka.

He said 1billion Dollars would be provided by the BoI, while AfDB is to release $500m; and $200m was promised by IFAD.

Oyeyinka explained that the zones were designed to concentrate agro-processing activities within areas of high agricultural potential.

He said that the bank was collaborating with the Federal Ministry of Agriculture and Rural Development to implement the project in the country.

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