(AfDB ) - The African Development Bank will on Tuesday, 30 April 2019, host an investment forum on its Special Agro-Industrial Processing Zones (SAPZ) initiative in Abuja, Nigeria. SAPZs are designed to concentrate agro-processing activities within areas of high agricultural potential in order to increase productivity and competitiveness.

The forum will update stakeholders on the progress of establishing SAPZs and to secure the commitment of key agribusiness companies and banks in the planning, investment and implementation of priority SAPZs in Nigeria.

The Bank, together with its development partners, is investing heavily in these projects in order to rapidly scale up agricultural production. The initiative will be the result of strong public and private sector partnerships.

Africa could become a net exporter of agricultural commodities, potentially replacing imports worth US$110 billion. The continent could also double its market share for select processed commodities. Africa’s agribusiness sector is predicted to reach US$1 trillion by 2030 and is being described the next “oil sector”.

Nigeria is in a position to provide leadership in Africa’s agribusiness sector, given its vast agricultural resources and its existing drive to transform its subsistence agriculture economy into a major global player.

The innovative Special Agro-Industrial Processing Zone initiative will provide millions of young rural men and women with unprecedented employment and entrepreneurship opportunities.