According to Newsmen, President Bola Tinubu's government is set to reap the rewards of its robust investment drive as the African Development Bank (AfDB), Islamic Development Bank (IDB), and the International Fund for Agricultural Development (IFAD) have jointly earmarked a $1 billion for the expansion of Special Agro-Industrial Processing Zones in 24 states of Nigeria. This substantial funding commitment comes as an extension of the initial $520 million granted by these development partners for the establishment of eight special agro-industrial processing zones in Nigeria.
Dr. Akinwumi A. Adesina, the President of the African Development Bank Group, unveiled this development during the ongoing Norman Borlaug International Dialogue at the World Food Prize 2023 event held in Des Moines, Iowa, United States of America.
In his address titled "From Dakar to Des Moines," Dr. Adesina shed light on the motivations behind allocating such a substantial sum of money towards the development of Nigeria's agribusiness sector. He explained that the decision is part of a broader initiative to create Special Agro-Industrial Processing Zones (SAPZs) in 13 different countries.
Dr. Adesina's speech also touched on the role of leadership in shaping the destiny of a nation. He emphasized that a nation's ascent or descent hinges on the quality of its leadership. Acknowledging the emergence of a new breed of African leaders with the drive, passion, and skill set to redefine modern leadership, he highlighted President Bola Tinubu as an exemplary figure in this regard.
In his own words, Dr. Adesina said, "Bola Ahmed Tinubu, my boss, is a good example, Macky Sall of Senegal, and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well, just to mention a few of the African leaders that are distinguishing themselves in leadership." He went on to assure the gathered investors and stakeholders in the agricultural sector that President Tinubu is a quintessential 21st-century modern African leader who is committed to reshaping the meaning and concept of modern leadership.
This massive injection of funds into Nigeria's agribusiness sector is not only a testament to the government's investment appeal but also a sign of the growing commitment to boost agricultural development, create employment opportunities, and drive economic growth in the country. The expansion of Special Agro-Industrial Processing Zones across 24 states will further solidify Nigeria's position as a regional agricultural powerhouse, with potential benefits that extend well beyond its borders.
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