Business

AfDB, Partners Inject $1bn To Fund Nigeria’s SAPZs

Published

2 years ago

October 28, 2023

African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development have voted $1billion to deliver special agro-industrial processing zones in 24 States of Nigeria.

This is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in the country.

Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, in a statement said the President of AfDB, Dr Akinwumi Adesina, disclosed this in the United States.

The News Agency of Nigeria (NAN) reports that Adesina spoke at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa.

Vice-President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue.

In a speech titled, “From Dakar to Des Moines”, Adesina said that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.

He said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains.

”Food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

” The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones.

“The bank has mobilized additional co-financing of 661 million dollars, for a total commitment of $1.5 billion. ”

Adesina said that the bank was deploying effective partnerships at scale, adding that currently it is implementing 25 Special Agro-industrial Processing Zones in 13 countries.

” The AfDB and the International Fund for Agricultural Development provided $520 million for the development of eight special agro-industrial processing zones in Nigeria.

” The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”

Adesina regretted that while much progress had been made in African agriculture, 283 million people still go to bed hungry, about a third of the 828 million people that suffer hunger globally.

He described the Norman Borlaug International Dialogue World Food Prize 2023, as a journey and narrative combining the power of science, technology, policies and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself with pride.

Adesina thanked Vice-President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event.

He said that their presence was an indication that Africa had the political will and was fully ready to tackle food insecurity as well as make hunger history on the continent.

Earlier, Shettima, who spoke on the Tinubu administration’s initiatives for food security, said the quality of present leadership in Nigeria and the rest of Africa would drive transformation in agriculture and other sectors.

He said, ”A nation falls or rises fundamentally due to the quality of its leadership.

”Right now Africa is blessed with quite a handful of quality leaders that have the drive, passion and skills set to redefine the meaning and concept of modern leadership.

”President Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well.

”Just to mention a few of the African leaders that are distinguishing themselves in leadership. ”

Shettima assured the gathering of investors and stakeholders in the agricultural sector that Tinubu was a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership.

He added, “Be rest assured that there will be a change in the fortunes of the Nigerian nation and by extention, the African continent in the next couple of years because Nigeria is an anchor nation.”

On wheat production, Shettima said the target of Nigeria towards wheat production was to achieve 50 per cent self sufficiency in the next three cycles.

He said, ”It is inconceivable that we are the second largest wheat importer in the world. Luckily, we have already procured the heat tolerant variety of wheat seeds.

”And we are going to drive that process by supporting the farmers with the heat tolerant variety, agricultural extention services, fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.

” We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation.

” All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees and crop insurance.”

On rice production, Shettima said the major challenge for Nigeria was the insufficiency of paddy rice.

He said that Nigeria had adequate milling capacity, adding, “but, we need to produce three to four million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum.

” We have 75 million hectares of arable land and most of it suited for rice cultivation.

” We will provide our farmers with certified seeds, fertilzer, extension services, the digitlisation of services, inputs, finance and market information.

” Our target is to achieve self sufficiency in rice latest by 2027.”

The vice-president, who spoke on SAPZs, reiterated the Tinubu administration’s commitment to providing an enabling environment for investors in the zones.

He said government would create an SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.
(NAN)

Business

Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

Published

17 hours ago

September 12, 2025

Editor

Dangote Refinery has reduced its premium motor spirit retail price nationwide.

This is as it announced Monday, September 15, 2025, as the new date to begin the direct petrol distribution initiative.

The initiative, which Dangote Group had earlier announced would kick off on August 15, 2025, would see the $20 billion plant distribute petrol and diesel to consumers with its 4,000 compressed natural gas trucks at zero logistics cost.

The 650,000-barrel-per-day refinery said its new gantry price is N820 per litre, the same price announced last month.

Business

FG Gives Criteria For Opening Bank Accounts

Published

18 hours ago

September 12, 2025

Editor

From January 1, 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number, Tax ID, to open or operate bank accounts.

The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.

Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.

For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.

To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.

The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.

Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.

Business

NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable

Published

1 day ago

September 12, 2025

Editor

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has accused the management of Dangote Group of violating a peace pact brokered at the Department of State Services, DSS, headquarters on September 9, warning that a nationwide strike appears inevitable.

A statement by NUPENG President, Prince Williams Akporeha, and General Secretary, Afolabi Olawale, placed members nationwide on red alert, urging them to prepare for a possible resumption of the suspended industrial action.

The statement reads: “This is to alert the general public and the government of the Federal Republic of Nigeria that, notwithstanding the resolution reached and signed at the office of the Department of State Services (DSS) — with three Ministers of the Federal Republic of Nigeria and the Deputy Director-General of the DSS in attendance — on the right of workers to unionise, Mr. Sayyu Aliu Dantata, on Wednesday, 10th September 2025, instructed all his truck drivers, who have been members of NUPENG-PTD for several years, to remove the union stickers from their trucks.

“Today, Thursday, 11th September 2025, he further instructed them to forcefully drive into the Dangote Refinery to load products. Officials stopped them from entering the refinery because their trucks violated the loading rules and regulations.

“We strongly condemn this attitude towards the official institutions of this great country and blatant lack of respect for the laws of the land.

“We call on the Federal Government not to allow the security agents — who are being paid with the resources of this country — to be used with impunity against the laws and people of Nigeria.

“Security agents should not allow any individual to breach the law, particularly while disregarding agreements reached in meetings facilitated by them and attended by Ministers of the Federal Republic of Nigeria.

“By this statement, we are placing all our members on red alert for the possible resumption of the suspended nationwide industrial action. We also call on the Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC), all regional and global working people, and civil society organizations to rise in support and solidarity against this threat from the capitalist elite.

“His wealth cannot place him above the law.

“We assure the people and government of the Federal Republic of Nigeria that NUPENG will continue to remain a patriotic, responsible, and responsive organization committed to the progress of this great country.”