The Federal Executive Council on Wednesday, approved requests from the Federal government to obtain $500 from the African Development Bank (ADB) to boost technology innovation in the country.
This is as the Federal Executive Council also gave nod for the establishment of agricultural processing zones in each of the 109 Senatorial district across the country.
Minister of Industry, Trade and Investment, Adeniyi Adebayo revealed this while briefing State House Correspondents, after the weekly FEC meeting presided over by President Muhammadu Buhari
The Minister said the country intends to raise $500m form the ADB for technological innovation in the country, as part of the mandate of his Ministry.
The Minister said he had briefed Cabinet on the same issue, during the weekly meeting of the Federal Executive Council chaired by President Muhammadu Buhari.
“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,” he said.
He said the Ministry was already working on that, and had 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.”
The Minister said government is working to ensure that it provides credit to investors, through the Bank of Industry.
He disclosed further that “ten million medium and small-scale enterprises would benefit from the proposed credit scheme.”
