Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the African Development Bank’s President, stated this when he led a private sector consortium from China to the office of Nigeria's Vice President, Prof. Yemi Osinbajo on Thursday, August 8, 2019.
AfDB commends Chinese investment and partnerships across Africa
The African Development Bank (AfDB) has commended Chinese investment and partnerships geared towards the development of special agro-Industrial processing zones (SAPZs) across Africa.
According to the AfDB, discussions at the meeting focused on Chinese direct investments as well as ventures with Nigerian state governments and agribusinesses in the development of agro-Industrial parks.
Ebrima Faal, African Development Bank Nigeria country director, extolled China’s commitment to the development of the African Continent since joining the Bank Group in 1985.
“China has supported the concessional funding base of this institution over many years and is a major contributor to ADF-14. During the China/Africa Cooperation summit in 2015, it pledged a $60 billion package to implement a ten-point cooperation plan with Africa. China also established the Africa Growing Together Fund, which became operational in November 2014 with $2 billion for 10 years alongside the Bank’s own resources to finance eligible projects in Africa,” he added.
“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 Development Bank said it is committed to developing the Special Agro-industrial Processing Zones (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.
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