The African Development Bank (AfDB) has reaffirmed its commitment to revolutionizing Africa’s agricultural sector with a substantial investment of $3 billion in Special Agro-Industrial Processing Zones (SAPZs) across more than 11 countries.
AfDB President Akinwumi Adesina announced this initiative during a recent television interview, highlighting its role in the bank’s broader strategy to promote agricultural industrialization and enhance food security.
Adesina emphasised Africa’s critical role in global food production, noting the continent’s 65% share of the world’s uncultivated arable land, crucial for feeding a projected global population of 9.5 billion by 2050. “The future of food in the world will be determined [in Africa],” Adesina stated, drawing on his experience as an agricultural economist.
He also outlined the bank’s “High 5s” agenda, which focuses on lighting up Africa, feeding Africa, industrializing Africa, integrating Africa, and improving the quality of life for Africans. To achieve these goals, Adesina launched a $25 billion initiative to transform agriculture across the continent.
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The SAPZ initiative aims to create economic hubs near farming communities, providing essential infrastructure such as electricity, water, roads, and irrigation systems. “We have a program called the Special Agricultural Industry Processing Zone, which aims to develop new economic zones throughout Africa near farmers,” Adesina said. “These will allow for electricity, water, roads, irrigation, and more, with an investment of over $3 billion in more than 11 countries.”
Nigeria is a key beneficiary of this initiative. Adesina revealed that the AFDB initially aimed to secure $750 million for Nigeria in partnership with the Islamic Development Bank and the International Fund for Agricultural Development (IFAD), but ultimately mobilized $2.2 billion.
