President Muhammadu Buhari will on Monday inaugurate the Special Agro-industrial Processing Zones (SAPZ) initiative for Nigeria.
This is contained in a statement issued by the Communication and External Relations Department of the African Development Bank (AfDB).
The SAPZ initiative is being done in collaboration with the AfDB, Islamic Development Bank (IsBD), and the International Fund for Agricultural Development (IFAD).
The government of Nigeria is contributing 18.05 million dollars.
Meanwhile, the AfDB would provide 210 million dollars, and the IsDB and the IFAD would provide combined funding of 310 million dollars.
The inauguration would be held physically and virtually.
It is also expected to herald the implementation of SAPZ phase 1 and send a message about Nigeria’s commitment to transform its agriculture sector, create jobs, and achieve food security.
Furthermore, it is expected to generate economic revenue.
According to the statement, the first phase of the Nigeria SAPZ programme is co-financed by key development partners to the tune of 538.05 million dollars.
The two-day event will bring together government officials, implementing partners, potential investors, farmers, agripreneurs, members of the diplomatic corps, and the development community.
The SAPZ would feature world-class facilities capable of attracting global investment, particularly, private sector interest, and driving a market-oriented agricultural transformation that would boost agro-processing capacity across Africa.