• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, October 20, 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

AfDB begins disbursement of $540m SAPZs fund

AfDB

The Matters Press by The Matters Press
February 6, 2024
Reading Time: 3 mins read
0
Nigeria gets AfDB’s $14m as member of ATI

AfDB

Abuja, Feb. 6, 2024: The African Development Bank (AfDB), says it will commence the disbursement of US$540 million to the first batch of states for the development of Special Agro-Industrial Processing Zones (SAPZs).

RELATED POSTS

Standing With the Bello Family – Justice Must Never Be Cheapened

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Senior Special Adviser on Industrialisation to the AfDB President, Prof. Banji Oyelaran-Oyeyinka, made this known while presenting a report to Vice-President Kashim Shettima, on Monday at the Presidential villa, Abuja.

Oyelaran-Oyeyinka led a delegation of the bank and that of the United Nations Industrial Development Organization (UNIDO), to present their separate reports on the status of projects being executed in Nigeria.

The three states to benefit from the first phase of the development of processing zones are Oyo, Kaduna and Cross River.

Other states are to get theirs as soon as they are through with documentation.

Oyelaran-Oyeyinka explained that SAPZ was an initiative of the AfDB aimed at turning the rural landscape into economic zones of prosperity and harnessing the power of commercial agriculture and food.

“The primary objective is to support inclusive and sustainable agro-industrial development in Nigeria. Phase one of the project is at the point of disbursement.

“Kaduna, Oyo and Cross River States are all in the process of receiving disbursements and we hope that the other states can speed up their documentation so that we can fast-track them.

“We raised US$540 million in catalytic funding and we expect every state to find a partner that will bring equity and join up with them.

“It is a government-enabled project but private-sector driven,” he said.

He further stated that the first phase of SAPZs is being implemented in seven states, namely Cross River, Imo, Kaduna, Kano, Kwara, Ogun, and Oyo, as well as the Federal Capital Territory (FCT).

“Ogun state found a partner for the project and decided not to take the loan. We are basically going to distribute the loan to the other states.

“The next thing is preparation for phase two with 27 states. The demand is enormous but we have to prioritise those who move fast.

“We have set up eligibility criteria for the states and to rank them. We expect them to have a feasibility report, environmental impact study and a commitment to counterpart funding.”

Also, the Head of Investment and Technology Promotion Office, UNIDO, Abimbola Wycliffe, told the Vice-President that the recovery plan for the Ajaokuta Steel Company Ltd. would include revitalization through rehabilitation, modernisation and expansion.

Wycliffe said “Single-phase turnaround for the entire plant is challenging due to heavy investments and a prolonged revenue generation timeline.

“We will convert the integrated steel plant into strategic business units (SBUs) to serve as profit centres.

“Conduct opportunity studies for each SBU, focusing on incremental investments, raw materials availability, labour, utilities, and market demands.

“Prioritize SBUs with lower investments and quicker positive cash flows (the low-hanging fruits).”

Wycliffe called for the reinvestment of profits from each SBU in ASC to reduce the burden of incremental investment on the Nigerian economy.

She recommended the enhancement of foreign exchange earnings and contribution to local economic development in the country

Responding, Shettima said that all hands must be on deck to ensure that the visions of President Bola Tinubu are delivered to the Nigerian people.

According to him, it is time to walk the talk.

“We have passed the age of talking; we have to walk the talk. We can talk from now till eternity and it does not mean anything if there is no action and hence we must make this work.

“We just must. We have not seen beyond the depth of our pockets; what comes to us is more important than what comes to the generality of the people. Things must change.

“I read a book on how Korea transformed itself with no natural resources, how they started producing steel against all odds, how they went into ship building.

“And how Hyundai, Daewoo, Samsung, Kia have come on board. I believe that when there is a will there is always a way,” he said.

Tags: AfDB
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
Next Post
Nigeria to allocate $200m for creation of agricultural service centres

Nigeria commits to dry season farming to increase food production

3,000 manufacturers to attend global fair on industrial solution in Lagos

Utomi advises Nigeria to embrace production, curtail consumption

Recommended Stories

5G network for launch 2020

Internet access important to Africa’s investment in digital technologies – UNECA

November 29, 2022
Nigeria to rebase CPI, GDP

AfDB report projects Africa’s real GDP at 3.8% in 2024

February 18, 2024
Senate probes $3.5b with NNPC

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025

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

  • Standing With the Bello Family – Justice Must Never Be Cheapened
  • You led with distinction, CG of Customs, hails former boss, Mohammed at 80
  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

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