business
Nigeria Secures $7.6bn in Investment Interests at Africa Forum – Adesina
Nigeria has secured $7.6 billion in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from December 4 to 6, 2024.
The announcement was made by Dr. Akinwumi Adesina, President of the African Development Bank, in a post on his X (formerly Twitter) account on Saturday. Dr. Adesina expressed optimism about the impact these investment interests could have, noting the participation of several Nigerian state governors at the forum.
“I am delighted the Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria. It was great to have several state governors: Lagos, Kaduna, Katsina, Kwara, Plateau, and later Ogun. We will keep working to support and boost investments to Nigeria,” his post read.
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The Africa Investment Forum, created by the African Development Bank and its partners, is a platform designed to fast-track investments into projects across the continent.
Last year’s event attracted over 2,300 participants, including global investors, African business leaders, and government officials. The forum helped facilitate $29.2 billion in investment interests for various projects across Africa, covering sectors such as energy, infrastructure, agriculture, and technology.
The $7.6 billion investment interest for Nigeria demonstrates strong confidence in the country’s economic potential and the ongoing reforms aimed at attracting foreign capital.
Earlier, the African Development Bank Group reported that it facilitated $2.2 billion in capital mobilisation for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II project during the Africa Investment Forum.
In a statement, Banji Oyelaran-Oyeyinka, Senior Special Adviser to the African Development Bank’s President, stated, “The Nigeria SAPZ Phase 2 presidential boardroom has raised $2.2bn in investment interest from global investors. This is far more than we have raised for SAPZs across all the 12 African countries covered by the programme. SAPZ is an idea whose time has come. This is the time to industrialize Africa!”
The statement further noted that during a presidential boardroom meeting on December 4, 2024, governors from Nigerian states, representatives from multilateral development organisations, members of the diplomatic corps, and private sector investors all pledged their support to scale up financing for Nigeria’s Federal and State Governments for the SAPZ initiative.
This ambitious initiative aims to transform Nigeria’s agricultural sector by establishing agro-industrial hubs. Building on the successes of its first phase, the programme seeks to boost productivity, enhance food security, improve living standards, and create jobs across the country.
