Oyo state government under the leadership of Governor Seyi Makinde earlier today, met with a team from the African Development Bank (AfDB) led by Prof Oyebanji Oyelaran-Oyeyinka, to finalise on the $37 million financing from the AfDB for the Special Agro Processing Zones (SAPZ) project in Oyo State.
The special agricultural processing zone (SPAZ) together with the nine Agribusiness Industrial Hubs being constructed across Oyo State by the state government will enhance access to productive resources, and infrastructure and also boost agro-industrial value-added-services, while also creating employment along the entire agribusiness value chain which also includes industry and services.
The SPAZ aims to provide wholesale solutions and services that de-risk production, processing, and marketing operations of private sector actors as they boost manufacturing and transformation capacity in production areas.
It is estimated that 20-30 agribusinesses with a market value of 16 to 31 billion naira will have invested in Oyo state before the end of the year 2023, thereby leading to the production of 50 value-added Fast Moving Consumer Goods (FMCGs) and the substitution of 2-10% of national food imports.
The Governor stated on his official LinkedIn account that the formal launch of the Special Agro Processing Zones (SAPZ) project in Oyo State will take place at the end of October.