The Special Agro-Industrial Processing Zones initiative has received $1.5 billion from the African Development Bank to promote the export of agricultural products with added value.
At the 2023 Africa Investment Forum Market Place in Marrakesh, Morocco, with the subject “Unlocking Africa’s Value Chains,” Bank President Dr. Akinwumi Adesina made this statement.
The SAPZ Programme, which was also introduced in Nigeria, was designed exclusively to increase household incomes, support the establishment of jobs in rural agricultural communities, particularly for women and young people, and improve food and nutritional security.
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During the Alliance for SAPZs’ inauguration, Adesina emphasized the critical role that exporting value-added agricultural products plays in creating wealth in Africa.
“Africa must stop exporting raw agricultural commodities,” he declared. It is imperative to acknowledge that exporting raw commodities is the surest route to poverty, whereas exporting value-added products is the path to prosperity.
And that is why SAPZs are important. They provide critical infrastructure to support agro-industrial development in Africa.
“Our valued partners include the Islamic Development Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development, the European Union, and the Korean Export-Import Bank.”
“We are also working with the African Union to support the Common Africa Agro-Parks Programme. Our collective effort has mobilized $1.5bn in support of the establishment of 25 SAPZs in 11 African countries,” he said.
In order to take advantage of the prospects provided by the Africa Continental Free Trade Area, he emphasized the necessity for nations to strengthen their collaborations, alliances, and resources in order to build Special Agro-Industrial Processing Zones throughout Africa.
“The Alliance aims to generate capital via diverse investment avenues for project planning, development, and construction, as well as leasing for affiliated businesses,” stated Adeshina.