STATE HOUSE PRESS RELEASE

AFDB REAFFIRMS $2.2 BILLION PLEDGE AS VP SHETTIMA COMMISSIONS 2ND SAPZ IN CROSS RIVER

** Says agro-industrial processing zones will empower farmers, attract investors, diversify Nigeria’s economy

The federal government has commenced construction of the Special Agro-Industrial Processing Zone in Calabar, Cross River State, as part of a nationwide drive to transform the agricultural sector and stimulate inclusive economic growth across Nigeria.

This is the second of such a facility initiated within 72 hours after Vice President Kashim Shettima had on Tuesday performed the groundbreaking ceremony for the construction of the Kaduna State SAPZ in the Chikun local government area of the state.

Already, the AfDB_Group has reaffirmed its commitment to mobilising an additional $2.2 billion to execute the second phase of the SAPZ project across 28 states in Nigeria.

Speaking on Thursday when he performed the groundbreaking ceremony of SAPZ in Calabar, the Vice President described the project as “a game changer” that aligns with the President Tinubu administration’s Renewed Hope Agenda, aimed at diversifying the nation’s economy, addressing food security, tackling rural unemployment, as well as empowering farmers and the youth population.

“There is no intervention more practical in our dream of a nation where the potential of agriculture is maximised than what’s brought us together today. This isn’t just a project—it’s a bold vision to transform Nigeria’s agricultural value chain,” VP Shettima said.

According to him, the SAPZ initiative, supported with counterpart funding from development partners and the private sector, is designed to address challenges that have long hindered the growth of Nigeria’s agricultural economy, including inadequate processing infrastructure, limited access to markets, and rural unemployment.

“For far too long, our farmers have contended with poor infrastructure, lack of access to finance, and inadequate processing facilities. This zone is designed to confront those challenges head-on by creating an ecosystem where innovation, investment, and collaboration thrive,” he noted.

VP Shettima explained that the Calabar SAPZ will serve as a hub for agro-processing and storage, providing farmers and agripreneurs with critical infrastructure to scale their operations and tap into local and international markets.

“This is where farmers will meet with private investors, where ideas will turn into enterprise, and where our youth will find meaningful opportunities,” he said, disclosing that the Tinubu administration has classified SAPZ as a priority program in Nigeria’s quest for food security, with plans to institutionalize it as a government agency that will facilitate agricultural industrialization across all 36 states.

“These zones will generate thousands of jobs. They will create opportunities for young people, empower them with skills and knowledge to engage in meaningful work and help them contribute positively to the economy. Cross Riverians, development has come to your doorstep. For you and for the country, SAPZ is a game changer—one that will enable Nigeria to diversify its economy with a sustainable source.,” he stated.

Senator Shettima also expressed gratitude to key international development partners, including the African Development Bank, the Islamic Development Bank, and the International Fund for Agricultural Development, for their support and belief in Nigeria’s vision.

The Vice President commended Cross River State Governor, Senator Prince Bassey Edet Otu, for his collaboration, describing him as “a critical foundation for the success of this intervention and a great ally in development.”

Earlier, Cross River State Governor, Senator Otu, said the programme marked a watershed in the ongoing bid by his administration to establish the renewable resource base of the state through the full utilisation of agriculture and its multiple value chain.

Otu pointed out that in Cross River State, the establishment of a cluster of smallholder farmers in cash crops such as rice, cassava, millet, and cocoa across the state is the right step towards the agro-industrial revolution.

He said the paradigm shift from a non-renewable to a renewable resource base also holds the key to the prosperity of many nations, hence the imperative to join the league of sub-nationals in Nigeria that have adopted agriculture as the mainstay of their economy.

“The deliverables of the envisaged projects are food security, diversification of the state economy towards export-oriented trajectory and increase in the State’s GDP. When these projects are fully operational there is an expected robust collaboration with reputable agro-based processing institutes, universities and the rest, aimed at accelerating breakthroughs in many agro-industrial production.”

Also, Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the programme would transform the agricultural production and agro-investment landscape in Nigeria under the Renewed Hope Agenda of President Tinubu.

Kyari thanked Vice President Shettima for his leadership and political backing at the highest level in the implementation of the SAPZ in Nigeria, just as he also commended the Governor of Cross River State for his commitment to ensuring that the state is among the front-running states that will commence the construction of their Agro-Industrial Processing Hub.

In his remark, President of AfDB, Dr Akinwumi Adesina, reiterated the bank’s pledge to mobilise $2.2 billion to execute the SAPZ project in 28 states across Nigeria.

Adesina observed that Cross River State has a significant role to play in Nigeria’s agricultural transformation because of the vast production of cocoa, cassava, rice and banana in the state, saying Obudu Cattle Ranch alone can turn the state into a huge livestock producer.

He also acknowledged that the state is ideal for SAPZ because it has an export processing zone, ports facility, and export handling capabilities, adding that the SAPZ in Calabar can easily be linked to the seaport for the transportation of processed agricultural commodities to the export market in neighbouring countries, including Cameroon and the rest.

“The African Development Bank, as you know, is spearheading this together with our partners, which include the Islamic Development Bank and the International Fund for Agricultural Development, and we have put together $934 million from the African Development Bank, with core financing of $938 million from these partners.

“The first phase of SAPZ in Nigeria will be in eight states of Cross River, Kaduna, Kano, Katsina, Oyo, Ogun, Kwara, Imo and the Federal Capital Territory. We are delighted with our partnership with the Islamic Development Bank and the International Fund for Agricultural Development.

“We have put together a financing package of $510 million to make this work. We expect, in the second phase of this, to mobilise $2.2 billion to be able to work for 28 states across the federation with several partners,” the AfDB President said.

Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)
10th April, 2025

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has stated that Nigerians will begin to enjoy the benefits of the recent drop in global crude oil prices, following the announcement by Dangote Refinery of a reduction in the price of premium motor spirit.

PETROAN spokesperson Joseph Obele made this known in a statement on Thursday.

His statement comes barely 24 hours after the Nigerian government reaffirmed its commitment to the implementation of the naira-for-crude sale agreement.

Subsequently, on Thursday, Dangote Refinery reduced its ex-depot price of petrol by N13, from N880 to N867 per litre, as communicated to marketers.

Reacting to the development, PETROAN said, “The global crude oil price continues to fluctuate. PETROAN is optimistic that the Naira-for-Crude policy will help to insulate the Nigerian economy from the volatility of the global market.

“By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers.

“With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.”

Meanwhile, checks by Ekwutosblog on Thursday night revealed that retail prices of petrol remained unchanged at N950 and N975 per litre in Lagos and Abuja, respectively.

The Nigerian Railway Corporation has temporarily suspended Warri-itakpe train service.

This was disclosed in a statement shared by Managing Director of the company, Kayode Opeifa, on his X account Thursday.

The suspension will last for 72 hours.