The African Development Bank (AfDB) is mobilizing $2.2 billion to transform agriculture in Nigeria through special processing zones.
Speaking in Kaduna State on Tuesday, AfDB President Akinwumi Adesina launched the first phase of the initiative targeting five states.
This initial stage, announced in 2022, is backed by over $500 million in funding from global development partners.
Adesina revealed that plans for the second phase, which will expand to 28 states, are ready for board approval.
He said the investment aims to enhance food security and generate employment across Nigeria’s vast agricultural sector.
The funding drive includes commitments from the Arab Bank for Economic Development, Africa Import-Export Bank, and agri-fintech Sahara Farms.
French and U.S. financial institutions have also pledged support, signaling broad international interest in Nigeria’s food systems.
The agro-processing zones will bring modern facilities closer to farmers, reducing post-harvest losses and strengthening the value chain.
By processing produce near farms, authorities hope to increase local food supply and curb dependence on costly imports.
In 2024 alone, Nigeria spent $4.7 billion importing food, a trend the government is keen to reverse through local investment.
The AfDB’s initiative reflects a growing urgency to modernize agriculture as a pillar of Nigeria’s economic resilience.
With the right infrastructure, Adesina said, Nigeria can shift from a food-importing nation to a regional breadbasket.
As the country grapples with inflation and unemployment, the bank’s investment could help reshape its rural economy.
The next step lies in the AfDB board’s decision, which could greenlight one of Africa’s most ambitious agri-projects to date.