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Market Digest Nigeria

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Kogi State secures $100 million AfDB loan

Agriculture: Kogi State secures $100 million AfDB loan.

kogiThe loan will be channelled to funding Special Agro-Industrial Processing Zones (SAPZ) in Kogi State.

The Kogi state government announced that it has secured a $100 million loan from the African Development Bank (AfDB) for the purpose of funding Special Agro-Industrial Processing Zones (SAPZ) in Kogi.

This was disclosed in a statement by Commissioner for Finance, Mr Asiru Idris, in Lokoja on Tuesday.

The Commissioner added that the project will be a boost to improving production and employment in the state for 2 million people and also open the state up for private investments, citing that 280 hectares of land would be acquired in 5 local government for the scheme

“The project will create employment for two million people in the state and by extension, curb poverty, reduce youth restiveness and open doors for private investors,”  he said.

He also added that the scheme would be beneficial for both farmers and processors which will also be an advantage for distributors in the state as transport costs will also be reduced.

In case you missed it: The Nigerian Senate approved World Bank loans valued at $1.5 billion, including $750 million to be  be used as loans for fiscal transparency, accountability and sustainability (SFTAS) program for Nigerian States.

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