The Federal Government has secured $1 billion Foreign Direct Investment (FDI) to provide agriculture infrastructures in Staple Crop Processing Zones (SCPZ) across the country, the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said.
Adesina spoke with reporters at the weekend in Abuja.
He said: “The development of the SCPZ has received strong support from international organisations, especially the World Bank, the Department for International Development (DFID), the African Development Bank (ADB), the International Fund for Agricultural Development (IFAD), United Nations Industrial Development Organisation (UNIDO), the United Nations Development Program (UNDP) and the Bill and Melinda Gates Foundation.
“The development partners have committed $2 billion towards the agricultural transformation agenda, including the development of the Staple Crop Processing Zones.”
UNIDO put the cost for the development of infrastructure in six SCZP at $1.1billion.
It revealed that $181.4m would be needed for providing infrastructure in Badeggi, Niger State around rice value chain.
The minister said when Staple Crop Processing Zones are fully operational they would generate additional revenue of N1.4 trillion to government coffers and create 200,000 jobs.
Adesina said: “The SCPZs will reduce the cost of doing business for agro-processors to ensure their competitiveness and to create ready markets for Nigerian farmers, thereby reducing post-harvest losses.”
To revive the economy in rural areas, according to the minister, the SCPZ would be complemented with the establishment of Agro-Industrial Towns (AIT), which would develop social infrastructure in the rural areas, including affordable housing for young commercial farmers. (0)
Fed Govt secures $1bn FDI to boost agriculture
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