This Friday, July 15, 2022, the Board of Directors of the African Development Bank Group approved a $134 million loan to increase food production in Nigeria.

The program at the heart of this financing will accelerate the implementation of key policy and institutional reforms and boost private sector participation in agriculture. This will help increase grain and oilseed production by 7 million tons to 35 million tons. The project will also increase the average cereal yield from 1.42 tons to 2 tons per hectare during the project implementation period. Under the aegis of the African Development Bank, $538 million has been mobilized for the Special Agro-Industrial Processing Zones program, which aims to The program aims to develop value chains for strategic agricultural products and transform rural areas into economic hubs in Nigeria.