In a landmark achievement, the African Development Bank Group (AfDB) has successfully mobilized a staggering $4.8 billion in capital for the transformative Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project. This monumental feat was announced during the Africa Investment Forum, marking a significant milestone in Nigeria’s journey towards agricultural and economic revitalization.
Senior Special Adviser to the AfDB President, Banji Oyelaran-Oyeyinka, expressed his elation at this unprecedented accomplishment. “The Nigeria SAPZ phase 2 presidential boardroom has raised $4.8 billion in investment interest from global investors. This is far more than we have raised for SAPZs across all the 12 African countries covered by the programme. SAPZ is an idea whose time has come. This is the time to industrialize Africa!” he declared.
The announcement was made in a packed presidential boardroom on Wednesday, December 4th, where an impressive assembly of Nigerian state governors, leaders from multilateral development organizations, the diplomatic corps, and private sector investors gathered. Their collective support underscored the critical importance of scaling up financing for the SAPZ Nigeria initiative, a bold and ambitious project poised to revolutionize Nigeria’s agricultural sector.
Building on the successes of Phase I, the SAPZ initiative aims to create agro-industrial hubs that will drive productivity, enhance food security, raise living standards, and generate employment. “This is a defining moment for Nigeria’s agricultural transformation,” proclaimed AfDB President Dr. Akinwumi A. Adesina. “The Nigeria SAPZ II project will create millions of jobs, empower smallholder farmers, and position Nigeria as a leader in agro-industrialization. These investments exemplify the power of collaboration to achieve sustainable development in Africa.”
The SAPZ Nigeria Program is a comprehensive, country-wide initiative that is both government-enabled and private-sector-led. It focuses on three key areas: providing infrastructure for the establishment of agro-industrial zones, strengthening institutional capacity and the business environment for agro-industrial development, and supporting agricultural productivity, skills, and private investment across value chains.
During the boardroom session, AfDB Director Richard Ofori-Mante, along with other key figures such as AfDB Executive Director Oyebode Oyetunde and Senior Special Adviser Banji Oyelaran-Oyeyinka, emphasized the transformative potential of SAPZs. These zones are strategically established in areas with high agricultural production potential, equipped with infrastructure, common services, and policy incentives to integrate agricultural and industrial businesses. Through value-added manufacturing, SAPZs are expected to trigger the long-awaited structural transformation that will revitalize rural areas, enhance food security, improve employment, and boost regional and international trade.
Phase I of the SAPZ program has already benefited several Nigerian states, including Cross River, Imo, Ogun, Oyo, Kaduna, Kwara, and Kano, as well as the Federal Capital Territory. Phase II aims to expand this reach to an additional 24 states over the next three years, linking Nigeria’s agriculture to agro-industrialization and driving economic growth.
The presidential boardroom session, chaired by AfDB Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, featured opening remarks from Dr. Adesina and Professor Oyelaran-Oyeyinka. They highlighted the achievements of Phase I and presented a comprehensive roadmap for Phase II. Professor Oyelaran-Oyeyinka assured the audience that construction for Phase I would commence in a few months, with a flag-off ceremony planned for December.
The event saw participation from high-profile figures such as Princess Zahrah Mustapha Audu, Adviser to Nigeria’s President Bola Tinubu on Foreign Direct Investment, representing Nigeria’s Vice President, and governors from Katsina, Kaduna, Lagos, Kwara, and Plateau States. Commissioners and representatives from Kogi, Gombe, Kebbi, Imo, Anambra, and Niger States also attended, reaffirming their commitment to creating a conducive environment for the initiative. They highlighted progress in land allocation, infrastructure readiness, and policy facilitation at both federal and state levels.
Leading investors, including Arise IIP, the Arab Bank for Economic Development in Africa, Africa Export-Import Bank, Sahara Farms, BPI France, Africa50, and the U.S. Development Finance Corporation, were also present. At the end of the session, organizers announced a total deal value of $2.2 billion, marking a significant step toward realizing the vision of SAPZ Nigeria Phase II.
Dr. Abdul B. Kamara, the AfDB’s Director General for Nigeria, expressed his satisfaction with the overwhelming investment interest and commitments. “I am pleased to see this whopping investment interest and commitments by our financing partners for Nigeria, at a time when the country is ramping up efforts to attract investments into the agriculture sector to address food security, create job opportunities, and boost economic growth,” he said.
The African Development Bank Group continues to champion innovative solutions that drive inclusive growth across the continent. The Nigeria SAPZ II project stands as a testament to the Bank’s commitment to leveraging partnerships for large-scale, impactful development initiatives. As Nigeria embarks on this transformative journey, the SAPZ initiative promises to be a beacon of hope, heralding a new era of agricultural and economic prosperity.
