By Ayomide Otitoju
The African Development Bank (AfDB) has announced that Phase 2 of its Special Agro-Industrial Processing Zones (SAPZ) initiative, covering 28 Nigerian states, will commence in September 2025.
Outgoing AfDB President, Dr. Akinwumi Adesina, disclosed this while presenting a paper at the 2025 Standard Chartered Bank Africa Summit held in Lagos. He noted that Phase 1 of the programme is currently being implemented in eight states, including the Federal Capital Territory, with construction underway in Kaduna, Cross River, Oyo, and Ogun states.
Adesina, whose tenure ends on September 1, 2025, reaffirmed his commitment to mobilising global capital for Africa’s development beyond his presidency. Delivering a keynote address titled “Tilting Global Capital for Unlocking Investment Opportunities in Africa”, he said, “Together, let us tilt global capital to unlock Africa’s assets. As I step into a new future, you can be sure this will be my focus—for I will always have Africa in my heart and in my sight.”
The summit, themed “Africa to the Globe: Innovation, Resilience, and Growth”, attracted policymakers, corporate leaders, and investors, including Standard Chartered’s Co-Heads of Corporate & Investment Banking, Sunil Kaushal and Roberto Hoornweg; Standard Chartered Bank Nigeria CEO, Dalu Ajene; Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole; industrialist Aliko Dangote; FSDH Group Chairman Hakeem Belo-Osagie; and award-winning author Chimamanda Adichie.
Highlighting AfDB’s financing innovations over the past decade, Adesina said the bank has provided over $102 billion in low-cost financing since 2015 and increased its capital base from $93 billion in 2015 to $318 billion in 2024—a record in its 60-year history. The bank has also mobilised more than $225 billion in investment interest through the Africa Investment Forum, spearheaded the rechanneling of IMF Special Drawing Rights to multilateral lenders, and executed landmark transactions such as the $750 million private sector hybrid capital deal that attracted $5.1 billion in orders from over 275 investors.
Other achievements include issuing $14 billion in social bonds over the past eight years, securing $10 billion in long-term bonds in 2025 alone, and launching innovative credit guarantees that unlocked billions in sovereign lending capacity. Notably, a $250 million partial credit guarantee enabled Egypt to issue Africa’s first Panda Bond, raising $500 million on the Chinese capital market.
Adesina urged global financial institutions to deepen partnerships with AfDB to boost capital flows into Africa, advocating for greater use of risk mitigation tools, ESG best practices, and local currency financing solutions.
He attended the summit with his wife, Grace Yemisi Adesina, alongside senior AfDB officials, including Vice President for Private Sector, Infrastructure and Industrialisation, Solomon Quaynor, and Nigeria Country Director, Dr. Abdul Kamara.
Nigeria currently holds AfDB’s largest active portfolio, valued at $5.1 billion, comprising 52 projects split evenly between public and private sectors. National projects account for 84% of the portfolio, with multinational operations making up the remaining 16%.
