The African Development Bank (AfDB) has pledged $540 million to boost agricultural development in Nigeria.
The funds will be distributed across seven states to kick-start the establishment of Special Agro-Industrial Processing Zones (SAPZs), according to AfDB spokesperson Banji Oyelaran-Oyeyinka.
These SAPZs are designed to revitalize rural areas by leveraging their agricultural and food processing capabilities to become economic hubs.
The main goal of AfDB's initiative is to promote comprehensive and sustainable agricultural-industrial growth in Nigeria, aiming to combat food insecurity within the country.
Additionally, a recent significant move saw Russia's Uralchem Group, a prominent global mineral fertilizer producer, deliver a substantial 34,000-ton shipment of potash to Nigeria's Onne port at no cost.
This gesture was seen as an important step by Nigerian experts towards enhancing agricultural output and overcoming the longstanding challenge of fertilizer shortages, hindering agricultural productivity improvements in Nigeria and various other African nations.