AfDB extolls Chinese commitment to Africa, explores partnerships with investors

The African Development Bank in Nigeria met a private sector consortium from China to help attract investment through partnerships in the development of special agroindustrial processing zones (SAPZs) across Africa.

The bank delegation, led by Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the African Development Bank’s president, paid a courtesy call to Nigeria’s Vice President, Professor Yemi Osinbajo, who assured the consortium of tremendous investment opportunities that Nigeria offers.

Discussions centred on Chinese direct investments and partnerships with Nigerian agribusinesses as well as ventures with Nigerian state governments and the development of agro-industrial parks.

“Nigeria has the potential to become the food basket of the world; but this depends on our ability to deploy the right technology. Our partnership with you

allows us to harness the knowledge and skills to realise this potential. We work with the African Development Bank at the highest levels to ensure that investors face no constraints in doing business,” Osinbajo said.

The bank is committed to developing SAPZs quickly in line with its Feed Africa Strategy which aims to turn the massive natural endowment of the sector into competitive advantages that create wealth and sustainable agribusiness jobs for African youth.

The strategy will also guarantee food security and inclusive growth by involving more women and youth, and promoting improved resilience to climate variability and shocks. The SAPZ is a model that requires the full commitment of all levels of government and for this reason the federal and state governments are actively involved in the planning and implementation of the programme.

Professor Oyelaran-Oyeyinka noted that, “due to the significant financial requirements, private resources will be critical”.