• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 27, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Export of processed agric products, Africa’s highway to wealth – Adesina

Export

The Matters Press by The Matters Press
November 9, 2023
Reading Time: 2 mins read
0
Egypt’s economic strides excite AfDB

Akinwunmi Adesina. AfDB's President

Marrakesh (Morocco), Nov. 9, 2023: African Development Bank (AfDB) President, Dr Akinwumi Adesina, says the highway to wealth on the continent is from the export of value-added agricultural products.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Akinwumi made this known at the ongoing 2023 Africa Investment Forum (AIF) Market Place, in Marrakesh, Morocco, on Wednesday with the theme,”Unlocking Africa’s Value Chains.”

He spoke during the inauguration of the Alliance for Special Agro-Industrial Processing Zones(SAPZs).

According to him, Africa must help feed the world by becoming a global player in food and agriculture.

He said: ”To do so, Africa must end the export of raw agricultural commodities. We must recognise that the fastest way to poverty is via the export of raw commodities, while the highway to wealth is from export of value-added products.

“And that is why SAPZs are important. They provide critical infrastructure to support agro-industrial development in Africa, to unleash the power of its agricultural potentials, with the establishment of food processing and manufacturing companies within the zones.

”The zones will support the transformation of the agricultural sector, raise productivity, scale economies and efficiencies of food and agricultural value chains.”

According to Adesina, SAPZs offer the infrastructure enabled platforms for Africa to turn its massive agricultural lands into real sources of wealth.

He reiterated that the bank provided the financing of 853 million dollars, and mobilised over 661 million dollars from other development partners to support the establishment of SAPZs.

”Our valued partners include the Islamic Development Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development, the European Union, and the Korean Export-Import Bank.

”We are also working with the African Union to support the Common Africa Agro-Parks Program.

”Our collective effort has mobilised 1.5 billion dollars in support of the establishment of 25 SAPZs in 11 African countries,” he said.

The AfDB President said to expand SAPZs across African countries, and take advantage of the Africa Continental Free Trade Area(AfCFTA), Africa must scale up resources, partnerships, and alliances.

He expressed excitement that the number of partners joining hands to rapidly scale up the SAPZs across Africa was expanding.

”The Alliance has the goal of mobilising at least 2 billion dollars in financing and investment commitments from Alliance members and partners over the next five years.

”Meeting this financing goal will deliver an additional 15 to 20 SAPZs projects in various countries across the continent.

”The Alliance will raise funds through various investment windows for project preparation, project development and construction, and financing for tenant companies,” he said.

Adesina said by doing so, the Alliance would bridge the critical financing gap, complement existing initiatives, and mobilise resources towards the common goal of enhancing agricultural value addition in Africa.

He said the Alliance would also provide project preparation finance, equity and debt investments, technical assistance, and project tracking and oversight.

Also speaking, Dr Benedict Oramah, President, African Export-Import Bank( Afreximbank) said that political instability in Africa, was a challenge to financing major projects.

Oramah however called for a comprehensive idea and proposal for project financing on the continent.

He said that budget financing was a major threat to enabling financing and project implementation, adding that allocation of resources was crucial.

“There should be continental regulations that countries should respect and justice for anything that is good for business.

”It is important to sign constitutional agreements and concessions. It is also important to support product with high profitability,” he added.

There is an additional commitment of about three billion dollars was pledged by the partners during the inauguration of the SAPZs.

Tags: Export
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Second Niger bridge ready for use by Christmas 2022

Rehabilitation of third mainland bridge begins

Make cash accessible, remove obstacles —stakeholders plead

What happens to old Naira Notes after December deadline

Recommended Stories

Nigeria urged to create enabling space for Fintech operators

Expert says growth in FinTechs necessary for sustainable ecosystem in Africa

June 15, 2022
Calabar Port receives 72 vessels in 5 months

Calabar Port receives 72 vessels in 5 months

July 2, 2022
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank, IMF, Morocco agree to proceed with annual meetings

September 19, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us