AfDB approves $210 million loan to unlock agriculture sector potential

The African Development Bank (AfDB) has approved the sum of $210 million in loans for Nigeria to impact the lives of millions of people in Africa’s most populous country.

This was disclosed by the bank via a statement issued on Tuesday.

According to the lender, the loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program.

What AfDB is saying about the loan

It stated, “A $210 million loan approved by the African Development Bank’s Board of Directors on Monday could impact the lives of millions of people in Africa’s most populous country.

“The loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program. The program will help to unlock Nigeria’s agriculture sector potential. It will promote industrialization through the development of strategic crops and livestock.

“African Development Bank financing for this program represents one of the Bank’s most ambitious operations in terms of scale and scope to date. It is made up of an African Development Bank loan of $160 million and an Africa Growing Together Fund loan of $50 million. Phase 1 of the project will target seven Nigerian states and the country’s Federal Capital Territory.

“The project will support Nigeria’s efforts to raise agricultural productivity, promote investment, create wealth and jobs, and transform rural areas into corridors of economic prosperity. Its first phase will be implemented with co-financing from other partners in the amount of $538.05 million.

“We have several million hectares of available arable land and have embarked on the creation of Special Agriculture Processing Zones across the country,”