Akinwumi Adesina, who is the president of the African Development Bank (AfDB), recently announced that the bank plans to invest $1 billion to support the second phase of its Special Agro-Industrial Processing Zones (SAPZ) program. This investment aims to extend the program to all 28 remaining states in Nigeria.
Adesina made this announcement during the opening of a new soybean processing plant and refinery operated by Called Servant to Service (CSS) Global Integrated Farms in Gora, a town in Nasarawa State. He emphasized that this modern refinery represents a significant achievement for Nigeria’s agriculture sector. It is expected to help reduce the country’s reliance on imported crude soybean oil, which cost Nigeria about $62.2 million in 2023.
In addition to celebrating the new refinery, Adesina urged the Nigerian government to work harder to boost local food production and address the rising food prices that are affecting many people in the country. He expressed his concern about the increasing cost of food and the ongoing hunger crisis in Nigeria. He stressed the importance of implementing strong policies and programs to support local farmers and businesses involved in agriculture.
Adesina pointed out a stark difference in rice prices over the last decade. He noted that while a bag of rice now costs over 100,000 Naira, it was only 8,000 Naira when he served as the Minister of Agriculture under President Goodluck Jonathan about ten years ago.
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He further explained that the success of farms like CSS Farms will be greatly improved by the development of the Special Agro-Industrial Processing Zones. The AfDB, along with its partners, is currently working with the Nigerian government on a $538 million initiative to develop these zones in seven states, which include Cross River, Imo, Oyo, Ogun, Kaduna, Kano, and Kwara, as well as the Federal Capital Territory, Abuja.
Adesina highlighted that the second phase of the SAPZ program will include Nasarawa State and will focus on the remaining 28 states. The goal is to secure $1 billion in funding from the AfDB, the Arab Bank for African Economic Development, and private sector investments.
He concluded by stating that Nigeria needs to create strong programs and policies to support its farmers. This includes providing incentives for businesses involved in agriculture to help with every step of the process, from growing food to processing it, adding value, packaging, and getting it to market. He also mentioned that CSS Farms would play a crucial role as a key investor in the new agro-industrial zone being developed.
