The African Development Bank (AfDB) is set to disburse $540 million for the development of Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. Vice President Kashim Shettima urged immediate action to ensure the success of this initiative, emphasizing the importance of turning discussions into tangible results.
Prof. Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialization to the AfDB President, revealed that the first phase of the SAPZ project would benefit Oyo, Kaduna, and Cross River states, with disbursements already in progress. He stressed the importance of private sector involvement in these government-enabled projects.
Additionally, Abimbola Olufore Wycliffe of the United Nations Industrial Development Organisation (UNIDO) outlined a recovery plan for the Ajaokuta Steel Company Limited, focusing on rehabilitation, modernization, and expansion. She emphasized the need to prioritize strategic business units (SBUs) with lower investments and quicker positive cash flows.
Vice President Shettima emphasized the urgency of action, stating that actions speak louder than words. He highlighted the need to deliver on President Bola Tinubu’s vision for the Nigerian people, stressing the importance of transforming Nigeria’s economy and industries. Shettima drew inspiration from the success stories of countries like Korea, emphasizing the importance of determination and action in achieving transformative change.
