Islamic Dev. Bank Ploughs $55.5m into FCT Agro-Processing Zones

islamic finance - December 23, 2021

The Islamic Development Bank (IsDB) has committed about $55.5m towards the development of Special Agro-Processing Zones (SAPZ) in the territory.

The Mandate Secretary, Agriculture and Rural Development Secretariat in the FCT, Mallam Abubakar Ibrahim disclosed this at a media briefing on the activities of the secretariat.

The FCTA is expected to provide the framework for the take-off of the AfDB and IsDB supported Special Agro-Industrial Processing Zones projects in which the FCT will be developing the livestock sub-sector.

The project is to unlock the country’s agriculture sector potential and promote industrialisation through the development of strategic crops and livestock.

“I am happy to note that the Boards of the AfDB, IFAD and the ISDB, have all approved the Nigeria SAPZ Project on the 13th, 16th and 18th December, 2021, respectively. In the first phase, the ISDB is investing a minimum of $55.47m in the FCT SAPZ. We are committed to making this a resounding success and shall provide the needed counterpart contribution to complement this investment”, he said.

The FCT Administration has also stated it is keying into the programme of the Ministry of Agriculture and Rural Development by engaging the Agro-Rangers squad of the Nigeria Security and Civil Defence Corps (NSCDC) in providing security for farmers in the territory against threats posed by bandits fleeing into its fringes from contiguous states.

The Director Agric-Services, Mrs Francisca Ihekandu said the engagement will take care of security challenges in the FCT in the agro sector.

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