NIGERIA – Nigeria has marked a major milestone in its agricultural sector with the inauguration of an ultra-modern soybean processing plant and refinery in Gora, Karu Local Government Area of Nasarawa State.
The facility, established by CSS Global Integrated Farms, is set to significantly boost domestic soybean oil production, reducing Nigeria’s dependency on crude soybean oil imports, which reached approximately US$63.25 million in 2023.
The inauguration ceremony was attended by notable dignitaries, including the African Development Bank (AfDB) Group president, Akinwumi Adesina, who described the refinery as a transformative development in Nigeria’s agricultural value chain.
He emphasized its role in enhancing food security and creating new opportunities for local farmers and agribusinesses.
“This plant is a game-changer. It underscores the immense potential of Nigeria’s agricultural sector when combined with the right investments and policies. It will help reduce Nigeria’s soybean oil import bill while creating jobs and stimulating the local economy,” said Adesina.
AfDB to invest US$1 billion in Nigeria’s agro-industrial expansion
The refinery’s inauguration aligns with the AfDB’s broader vision for Nigeria’s agricultural transformation through its Special Agro-Industrial Processing Zones (SAPZ) program.
Adesina announced plans to finance the second phase of the SAPZ initiative with US$1 billion, covering 24 additional states. This expansion follows the success of Phase I, which targeted seven states, Cross River, Imo, Kaduna, Kano, Kwara, Ogun, and Oyo, alongside the Federal Capital Territory, with an investment of $520 million.
The SAPZ initiative seeks to develop rural areas into hubs of economic activity by concentrating agro-industrial processing activities in high-production zones. The program aims to boost productivity, enhance value addition, and attract private sector investments in key agricultural value chains.
During the event, Adesina expressed concern over Nigeria’s rising food prices and the hunger crisis affecting millions. He pointed out the significant surge in rice prices, which have climbed from ₦8,000 (US$5.15) per bag a decade ago to over ₦100,000 (US$64.4) today.
He called for bold government policies to address these challenges, emphasizing the need to support local farmers and agribusinesses to increase domestic food production.
“Food security is national security,” Adesina remarked, stressing the importance of agricultural industrialization in tackling poverty and hunger.
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