Economy
AfDB To Release $2.2bn Nigerian Agro-Industrial Fund From 2025
The African Development Bank (AfDB) is set to start releasing a $2.2bn fund for the development of Special Agro-Industrial Process Zones in Nigeria (SAPZ).
Director General of AfDB Nigeria Office, Abdul Kamara, made this known during Channels Television’s 2024 End-Of-Year Review with the theme, ‘Focus on the Agriculture Sector, Food Security, Research and AfDB Investments’.
“Specifically from next year (2025), we will see contracts signed and mobilization and construction on site will start in some states. Of course, not all the states will start together,” he said.
He said the money would be used for the development of agro-industrial hubs where processing will happen, aggregation centres and agricultural transformation programmes.
The developmental economist said though the Special Agro-Industrial Process Zones was approved by the AfDB Board in 2021, the project is picking up after startup delays attributed to several factors.
“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude. You also have to have it signed with the co-financiers. The Bank had to bring in IFAD (International Fund for Agricultural Development) and Islamic Development Bank as co-financiers,” he said.
Kamara said when the Bank met with some state governors, months back, they agreed on certain actions to accelerate SAPZ. “In all the seven states including the FCT, Cross River, Ogun, Oyo, Kaduna, Kano and Kwara, in each of the states, we are now in conversation with and are publishing the bidding document so that we’ll shorten the process. So, it’s picking up and that is not strange. Projects that are very complex
“That is even why at the African Investment Forum just concluded early this month, we had a pledge from different financiers to the tune of $2.2bn.
“So, the SAPZ is going to happen and it’s going to deliver as much as we have elsewhere.
“The value, give or take, what the Bank is putting in is about one billion dollars. Of course, if you add what others are bringing in, it will be more than that because we are a convener; we bring in others,” he said.
Nigeria spent $817.4m, approximately N1.26 trillion, to service its debt in the first two months of 2025. This represents a 3.12 percent decline when compared to $843.73 million spent in the corresponding period of 2024.
Data from the Central Bank of Nigeria, CBN, International Payments Report shows that in January 2025, the government spent $540.7 million and in February 2025 it spent $276.7 million on debt servicing.
Further breakdown shows that the country had spent $3.81 billion (about N5.9 trillion) for debt service/Payments in 2024.
Recall that the Federal Government unveiled its largest national budget in 65 years, with a record-breaking N54.99 trillion proposed spending, representing a 56.89 percent increase from the N35.05 trillion budgeted in 2024 (including a supplementary N6.2 trillion).
President Bola Tinubu described it as the “Budget of Restoration,” aimed at stabilising the economy and driving growth.
In the budget debt servicing is allocated N16.3 trillion, a 95 percent increase from N8.25 trillion budgeted in 2024.
Meanwhile, data showed that Nigeria’s foreign trade in Letters of Credit, LC, payments fell by 0.55 percent Year-on-Year (YoY) to $160 million in the first two months of this year from $160.9 million in the corresponding period of last year.
LC payments is one of the critical measure of a country’s credit worthiness but a decline or increase could also reflect developments in volume of import trades.
LC payments for 2024 stood at $801.06 million, representing a 39 percent YoY decline from $1.32billion in 2023.
The Naira appreciated Tuesday to ₦1,565 per dollar in the parallel market from ₦1,570 per dollar on Monday. However, it depreciated to ₦1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to ₦1,537 per dollar from ₦1,528 per dollar on Monday, indicating ₦9 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to ₦37 per dollar from ₦42 on Monday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1575 and sell at ₦1580 on Tuesday 11th March, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1575
Selling Rate ₦1580
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1540
Lowest Rate ₦1512
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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