The African Development Bank, AfDB says Africa has the potential to become a net exporter of agricultural commodities, replacing imports worth more than 110 billion dollars.

A statement by the bank’s Communication and External Relations Department said the continent can also double its market share for select processed commodities.

It said Africa’s agribusiness sector was predicted to reach one trillion dollars by 2030, describing it as the next “oil sector”. According to the statement, Nigeria is in a position to provide leadership in Africa’s agribusiness sector.

It explained that this was necessary because of its vast agricultural resources and existing drive to transform its subsistence agriculture economy into a major global player.

To this end, AfDB said that it had concluded plans to host an investment forum on its Special Agro-Industrial Processing Zones (SAPZ) initiative in Abuja on April 30th.

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