Nigeria moves to secure $500m AfDB loan

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said that the federal government had initiated moves to secure a $500 million African Development Bank (AfDB) fund for technology innovation.

He did not elaborate, according to a report by the News Agency of Nigeria (NAN).

Adebayo, who briefed newsmen after the Federal Executive Council meeting said he presented a report card on the activities of his ministry in the past 100 days.

He said the government would also work towards the realisation of one agro processing zone in each senatorial zone to boost agricultural activities in the country.

“We briefed Council on how far in implementing the priorities of government and basically we elaborated on one of the priorities given to our Ministry is the activation of the private sector led special economic zones.

“That already is in progress, with regards to one issue that has been in the headlines lately, is the establishment of agricultural processing zones in each Senatorial District.

“The Ministry is already working on that. We have employed consultants who are now going round and looking at each of the Senatorial Districts, with a view to knowing what agricultural processing zone will be set up in each Senatorial zone.”

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