WITH a resolve to diversify the economy from oil and gas dependence, President Muhammadu Buhari, Monday, launched the long-awaited Special Agro-Processing Zones Programme, SAPZ, in seven States and the Federal Capital Territory, FCT.
Buhari who was represented by Voce President, Prof Yemi Osinbajo described the SAPZ as a game-changer, as it would give a boost to food production, wealth creation, employment generation, and export. He acknowledged Nigeria’s large arable land and relatively cheap labour should be able to feed itself, and he pointed out some challenges facing agriculture recently including inflation, high food prices, high input prices, insecurity, Russia-Ukraine War, drought and flooding caused by climate change.
The Nigeria Special Agro-Industrial Processing Zones (SAPZ) programme is a government-enabled and private sector-led initiative that will mobilise private sector investment to develop value chains for selected strategic crops and livestock in the participating States. Nigeria will implement the first phase of the SAPZ programme with co-financing from the African Development Bank, AfDB, International Fund for Agricultural Development, IFAD, and Islamic Development Bank, IsDB.
The total amount mobilised for Phase 1 is $538.05 million, of which the African Development Bank is providing $210 million; the IFAD together with the Green Climate Fund, $160 million; IsDB $150.52 million, while the Federal Government of Nigeria is $2.01 million, and $16.01 million from the seven participating States.