Transforming Africa’s Agriculture: AFDB Raised $4.4 Billion for Special Agro-Industrial Processing Zones in Nigeria – Akinwunmi Adesina

In a candid discussion on Africa’s agricultural transformation and economic self-reliance, African Development Bank (AFDB) President, Akinwunmi Adesina in an interview on Arise TV with Journalist Mr. Rufai Oseni, outlined his vision and accomplishments for the African continent. Central to his message was his emphasis on investments in Africa’s Agro-Industrial Processing Zones, which will drive rural growth, food production, and food security in Africa. He revealed that AfDB raised $4.4 billion to develop Special Agro-Industrial Processing Zones in Nigeria, aimed at revitalizing its rural economy, and boosting local food production, across all 36 States, including the FCT.

Investing in Africa’s Agricultural Transformation

The AfDB president, describing himself as an agricultural economist with decades of global experience, explained that Africa holds a staggering 65% of the world’s uncultivated arable land. He stressed the urgency of harnessing this resource to feed an expected population of 9.5 to 10 billion people by 2050. “What Africa does with its agriculture will determine the future of food in the world,” he noted, highlighting that the continent’s potential goes far beyond mere cultivation, it is about creating self-sustaining, dynamic economies.

Under his leadership, the AFDB launched a $25 billion, 10-year program aimed at turning around agriculture across Africa. This ambitious initiative is a core pillar of the bank’s broader “High Five Program,” which is designed to:

• Light up Africa: Boosting energy infrastructure,
• Feed Africa: Enhancing food security,
• Industrialize Africa: Driving local manufacturing and trade,
• Integrate Africa: Connecting markets and improving regional cooperation, and
• Improve the quality of life: Through better education, healthcare, water, and sanitation.

Special Agro-Industrial Processing Zones: A Catalyst for Rural Growth

Mr. Adesina emphasized that agriculture is not just about growing food, it is the engine for transforming rural economies where 80–85% of Africa’s population resides. “Agriculture is the way in which we are going to transform rural African economies,” he stated. The Special Agro-Industrial Processing Zones are conceived as vibrant economic hubs located near farming communities. These zones will be equipped with essential infrastructure such as power, water, roads, digital connectivity, and irrigation systems to ensure that products from local farmers can be processed and marketed efficiently.

Such zones aim to reverse the trend of losing valuable commodities from rural areas to urban markets due to poor infrastructure. By creating localized ecosystems of wealth and employment, these zones promise to boost rural development and integrate agricultural productivity with industrial capacity.

Nigeria’s Success Story: Raising $2.2 Billion

Nigeria stands at the forefront of this transformative strategy. In a collaborative effort with the Islamic Development Bank and the International Fund for Agriculture, the AfDB president spearheaded a $851 million program tailored to Nigeria’s needs. During the Africa Investment Forum held in December of the previous year, Nigerian governors and key stakeholders gathered to explore further investment in agro-industrial development.

“Our initial goal was to raise $750 million,” Adesina recalled, “but we exceeded expectations and raised $2.2 billion for Nigeria.” This impressive fundraising effort has since grown to $4.4 billion, ensuring that Special Agro-Industrial Processing Zones can be developed in all 36 states of Nigeria, including the Federal Capital Territory. This infusion of capital is set to establish robust economic zones that will not only support local farmers but also generate employment and spur industrial growth throughout Nigeria’s rural heartlands.

Beyond Agriculture: A Vision for Africa’s Future

While agriculture forms the backbone of this transformation, President Adesina’s vision extends to broader economic and industrial development. He highlighted that Africa is endowed with rich natural resources vital for the 21st-century economy, from renewable energy sources to key minerals required for lithium-ion batteries. For instance, the Democratic Republic of Congo is a major supplier of platinum, crucial for mobile phones and electric vehicles, with the lithium-ion battery market projected to be worth approximately $7 trillion by 2030 and $59 trillion by 2050.

He argued that Africa’s development should be driven by trade and industrial capacity rather than an over-reliance on aid. “If you have a baby that is born, the baby is fed on milk,” he explained. “The time comes when that baby has to start eating solid food, start eating meat, and start growing up.” This analogy underscores his belief that low-income countries need to mobilize domestic resources and engage in concessional financing, not just aid, to accelerate their development.

AFDB President Akinwunmi Adesina’s multifaceted approach to Africa’s development spanning from food security to industrial capacity, reflects a deep commitment to creating sustainable growth across the continent. The successful fundraising of $4.4 billion for Special Agro-Industrial Processing Zones in Nigeria is a testament to the potential of strategic investments that harness local resources, empower rural communities, and build robust economic infrastructures.

As Africa stands on the brink of a new era of self-sufficiency and innovation, initiatives like these promise to redefine the future of food, energy, and manufacturing on a global scale. “What we do today,” Adesina concluded, “will determine the future of our nations, and indeed, the future of the world.”

Subscribe to Notifications