Farmers to Get $1.7bn Fund Support From BoI, AfDB, IFAD

The Bank of Industry BoI, African Development Bank AfDB, and the International Fund for African Development IFAD, will provide fund of $1.7bn to support the Special Agro-Industrial Processing Zones project in Nigeria.

The project is aimed at raising the productivity and competitiveness of the country’s agriculture sector and reducing poverty in the rural areas.

Reports said that SAPZ project would help the government expand economic opportunities in the agricultural sector by enhancing processing infrastructure and services to rural families.

In a statement at a webinar on Saturday, the AfDB President’s Senior Special Adviser on Industrialisation, Prof. Oyebanji Oyelaran-Oyeyinka, said $1bn would be provided by the BoI, AfDB would release $500m; while $200m was promised by IFAD.

He also said that the bank was collaborating with the Federal Ministry of Agriculture and Rural Development to implement the project in Nigeria.

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