NEC reviews federal account balances, advances agro-industrial zones initiative
By Kunle Sanni
The National Economic Council (NEC) has disclosed that the balance of the Excess Crude Account stands at $473,754.57 as of November 20, 2024.
At its 146th meeting held on Thursday at the Presidential Villa, Abuja, and chaired by Vice President Kashim Shettima, the Council also reviewed other account balances presented by the Accountant General of the Federation. The balances are as follows:
Stabilization Account: ₦33,324,135,076.39
Natural Resources Account: ₦26,847,747,874.93
Special Agro-Industrial Processing Zones (SAPZ) Initiative
Kabir Yusuf, National Programme Coordinator for the Special Agro-Industrial Processing Zones (SAPZs), provided updates on the programme’s progress. Phase 1 of the initiative is underway in eight states: Kano, Kaduna, Kwara, Oyo, Ogun, Imo, Cross River, and the Federal Capital Territory (FCT).
For Phase 2, 24 additional states have been assessed for readiness. Discussions are ongoing with private developers and co-financiers for the $1 billion project. The initiative is structured as a public-private partnership (PPP) using a special purpose vehicle (SPV) model to drive implementation.
The SAPZ coordinating office is developing a multi-tranche financing plan to expand the programme over the next three years.
The NEC called on all states to support the SAPZ initiative, emphasizing its transformative potential for agriculture and industrial processing in Nigeria.
It also proposed a special meeting between state governors, the Minister of Agriculture, and SAPZ management to address outstanding concerns and finalize plans for broader implementation.
