The Federal Government of Nigeria has secured a crucial funding commitment from the African Development Bank (AfDB) for the second phase of its Special Agro-Industrial Processing Zones (SAPZ) programme.
The expansion will see the project scale from an initial eight states and the Federal Capital Territory to encompass an additional 24 states, marking a nationwide push for agro-industrial growth.
The commitment was secured by Vice President Kashim Shettima during a bilateral meeting with the President of the AfDB, Dr Sidi Ould Tah, on the sidelines of the 80th Session of the United Nations General Assembly (UNGA) in New York. The meeting served as a platform for high-level discussions on accelerating Nigeria’s economic transformation through agriculture.
Justifying Nigeria’s request for enhanced support, Vice President Shettima highlighted the country’s status as the bank’s largest shareholder, with a portfolio exceeding $10 billion. Adopting an “Oliver Twist” approach, Shettima expressed gratitude for the bank’s initial $300 million support for the first phase while earnestly requesting more to fuel the ambitious expansion.
“We are poised to diversify our mono-product economy into agriculture, especially value-added agricultural export,” Shettima stated. He underscored Nigeria’s vast potential, noting that “from the mangrove forest swamps in the south to the Sahelian region in the far north, you can virtually grow anything,” citing the exceptional fertility of states like Kebbi.
The Vice President also pointed to Nigeria’s resourceful youth population as a ready workforce eager to be integrated into the 21st-century economy.
Beyond the SAPZ programme, Shettima urged the AfDB to extend its focus to include innovation-driven enterprises, arguing that the digital space presents substantial opportunities for continental development.
He noted that five of Africa’s eight unicorn companies, including Moniepoint and Jumia, are Nigerian, signalling a vibrant sector ripe for further investment.
In his response, Dr Sidi Ould Tah assured the Nigerian delegation of the bank’s full support under his leadership. He outlined a vision for the AfDB not merely as a lending institution but as a catalytic body aimed at mobilising global capital for Africa’s transformation.
“My vision for the bank is not as a lending institution, but as a catalyst institution with which to mobilise resources and capital from all over the world to Africa,” Dr Tah said.
He detailed his four cardinal priorities: mobilising large-scale capital through partnerships, reforming Africa’s financial architecture, converting the continent’s demographic dividend into economic strength for job creation, and industrialising Africa by harnessing its natural resources to add value and build resilient infrastructure. He expressed confidence that with Nigeria’s support, the bank could help bring about this transformation.
The high-level meeting also featured appeals from other members of the Nigerian delegation. The Minister of Environment, Mallam Balarabe Lawal, sought the bank’s support for the Pan African Great Green Wall Initiative, specifically for Nigeria’s efforts to combat desertification in its eleven frontline states. He also highlighted a submitted proposal on a clean cooking policy, linking it to both deforestation reduction and public health improvements.
Similarly, the Minister of Housing and Urban Development, Alhaji Ahmed Dangiwa, appealed for substantial AfDB support to help address the country’s significant housing deficit, indicating the government’s broad agenda for infrastructural development.
In a separate diplomatic engagement, Vice President Shettima met with the Prime Minister of St. Kitts and Nevis, Dr Terrance Drew, reaffirming Nigeria’s commitment to strengthening historical and economic ties with Caribbean nations. Shettima assured Prime Minister Drew of President Bola Tinubu’s determination to “rekindle friendship and brotherhood,” noting that the commonalities of shared heritage, language, and Commonwealth membership far outweigh any differences.
Prime Minister Drew echoed the sentiment, lamenting the current low level of trade and contact between the Caribbean and Africa and expressing his country’s readiness to work closely with Nigeria to boost trade across the African continent.
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