Kogi Secures $100 Million AfDB Loan To Boost Economy

 

From Joseph Amedu, Lokoja

 

 

 

The Kogi State Government said it has secured a $100 million loan from the African Development Bank (AfDB) to fund Special Agro-Industrial Processing Zones (SAPZ) in the state.

This was disclosed in a statement issued by the Commissioner for Finance, Budget and Planning, Asiru Idris which was made available to journalists in Lokoja at the weekend.

The commissioner affirmed that the loan is capable of enhancing the state economy as well as boost employment opportunities for at least two million people.

He added that it will also open up for private investments, citing that 280 hectares of land would be acquired in 5 local government areas 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.

Idris expressed optimism that the scheme would be beneficial for both farmers and processors as well as an advantage for distributors in the state which will go along way in reducing transport costs drastically.