Economy
Nigeria Launches $520m Special Agro-Industrial Processing Zones to End Hunger
By Adedapo Adesanya
Nigeria has begun its long journey to end hunger and achieve food security by launching the Special Agro-industrial Processing Zones (SAPZ).
The launch ceremony in Abuja on Monday kick-starts the implementation of phase one of the SAPZ program in eight states across the country. These include – Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory, Abuja.
The SAPZ program has already garnered huge momentum as an additional 19 state governments have expressed strong interest in participating in the program.
The African Development Bank (AfDB) is providing funding of $210 million, with the Islamic Development Bank (IsDB) and the International Fund for Agricultural Development (IFAD) jointly providing $310 million, while the Nigerian government will contribute $18.05 million.
President Muhammadu Buhari, in remarks delivered by Vice President, Mr Yemi Osinbajo, praised the initiative and said, “if the Special Agro-industrial Processing Zones program delivers on its objectives, and we have no doubt that it will, then we would in less than a decade have dealt a fatal blow to food insecurity, create millions of good paying agro-industrial jobs and opportunities and radically improve export earnings from agriculture.”
On his part, the AfDB President, Mr Akinwumi Adesina, said, “the Special Agro-industrial Processing Zones are new economic zones, located in rural areas, to be fully supported by infrastructure (power, water, roads, digital infrastructure, and logistics) that will allow food and agribusiness companies to locate within such zones.
“This will put them close to farmers in production catchment areas, provide market offtakes for farmers, support processing and value addition, reduce food losses, and allow the emergence of highly competitive food and agricultural value chains.”
Mr Adesina, a former minister of agriculture of Nigeria, said: “Hunger in Nigeria cannot be justified. Nigeria has the land, with 34 million hectares of arable land with rich and diverse agroecology. It has water. It has the labour. It has great sunshine. Nigeria must achieve zero hunger. There is no reason for anyone to go hungry in Nigeria.”
To help Africa prevent a food crisis from the Russia-Ukraine war, the lender launched a $1.5 billion African Emergency Food Production Facility to support 20 million farmers to access climate-resilient agricultural technologies and produce 38 million metric tons of food valued at $12 billion.
“The African Emergency Food Production Facility provided $134 million to Nigeria, one of the highest levels of support across African countries. I would like to thank the Japanese International Development Agency (JICA) for co-financing this with an additional $110 million. That means we collectively made available $244 million for emergency food production in Nigeria,” the bank group head said.
Noting that the latest Global Hunger Index (2022) ranks Nigeria 103rd among 121 countries facing hunger crisis in the world, Mr Adesina called for “greater action, responsiveness, and delivery to avert a food crisis in Nigeria”.
“Nigeria must decisively tackle insecurity challenges that prevent farmers from going to the farms. Food security needs national security,” said Mr Adesina.
In a rallying call around the SAPZ program, Mr Adesina said: “The Special Agro-Industrial Processing Zones (SAPZs) will help feed Nigeria, transform rural economies, expand fiscal space, fully unlock Nigeria’s agricultural potential, and create millions of jobs.”
“I am delighted that the SAPZs have finally come to pass in Nigeria and across Africa,” he said.
According to the IsDB President, Mr Muhammad Al Jasser, “with the disruption of supplies arising from the war, Africa now faces a shortage of at least 30 million metric tons of food imports from Russia and Ukraine, especially for wheat, maize, and soybeans. Urgent actions are needed to prevent a food crisis in Africa.”
He expressed confidence Nigeria will efficiently implement the SAPZ program, which will boost food production, reduce food price inflation, and transform the agriculture sector while assuring food security and creating jobs.
On her part, the Associate Vice President of the International Fund for Agricultural Development, Ms Katherine Meighan, said her organization is determined to contribute to the overall goal of the SAPZ programme by empowering 100,000 direct beneficiaries, including smallholders, small processors, traders, and service providers in Ogun and Kano State, with a strong focus on youth and women.
“Our empowerment strategy aims to equip farmers and smallholders to take advantage of the markets created by the SAPZ to sustainably enhance their income through income-generating activities, household food security and nutrition, and resilience to climate change,” said Ms Meighan.
The zones will develop value chains for selected strategic crops in Nigeria, including maize, cassava, rice, soybean, cocoa, poultry, and livestock products. They will also create millions of quality jobs, especially for youth and women.
Speaking on behalf of the phase one participating states and the Federal Capital Territory, the Governor of Cross River State, Mr Ben Ayade, praised the innovativeness of the program and said “the SAPZ program will help Nigeria develop an economy independent of oil. The program is a classical departure from other projects we know.”
During the event, Vice President Osinbajo launched a set of commemorative stamps for the Special Agro-industrial Processing Zones. The stamps were designed by Nigerian Postal Service (NIPOST) in conjunction with a local NGO, FLEESD.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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