AfDB to establish 37 Special-Industrial Processing zone in Nigeria

The African Development Bank, AfDB is to establish Special-Industrial Processing zones, SAPZs in all 36 states of Nigeria including FCT.

The SAPZs, an initiative of AfDB Group, public and private sector is a 10-year development programme to be financed under the NSO and AfDB which will guarantee a steady annual growth rate of about 5% over the next 10 years from the year 2023.

The plan amongst others is to add at least $15billion to the country’s foreign reserves cumulatively from non-oil exports over the next 10 years.

It is also expected to create at least 500,000 additional export-linked jobs annually due principally to increase in productivity export activities and lift at least 10 million Nigerians out of poverty and also empower each State and its people by integrating them into the export value chain.

Source: Vanguard