Business

Nigeria Attracts $7.6 Billion in Investment Interests at Africa Investment Forum 2024 – AfDB President

Published

6 hours ago

Jan 12, 2025.

Nigeria Attracts $7.6 Billion in Investment Interests at Africa Investment Forum 2024 - AfDB President

Akinwumi Adesina, President of the African Development Bank (AfDB), announced this achievement on his X social media platform on Saturday.
The $7.6 billion investment interest generated for Nigeria is considered a strong endorsement of the country’s economic potential and the effectiveness of ongoing reforms aimed at attracting foreign capital.
The forum facilitated a total of $29.2 billion in investment interests for various projects in Africa

Nigeria has successfully attracted $7.6 billion in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from December 4 to 6, 2024.

Eko Hot Blog reports that Akinwumi Adesina, President of the African Development Bank (AfDB), announced this achievement on his X social media platform on Saturday, expressing optimism about the potential impact of the investment interests, particularly with the active participation of several Nigerian state governors at the forum.

EDITOR’S PICK

“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, Kastina, Kwara and Plateau, and (later) Ogun.

We will keep working to support & boost investments to Nigeria,” his post read.

The Africa Investment Forum, established by the AfDB and its partners, serves as a platform to accelerate investments in projects across the African continent.

Last year’s event drew over 2,300 participants, including global investors, African business leaders, and government officials.

The forum facilitated a total of $29.2 billion in investment interests for various projects in Africa, covering sectors such as energy, infrastructure, agriculture, and technology.

The $7.6 billion investment interest generated for Nigeria is considered a strong endorsement of the country’s economic potential and the effectiveness of ongoing reforms aimed at attracting foreign capital.

This achievement underscores the positive impact of the Africa Investment Forum in fostering economic growth and development across Africa.

Previously, the AfDB Group announced in a December statement that it had successfully mobilized $2.2 billion in capital for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the Africa Investment Forum.

Nigeria Attracts $7.6 Billion in Investment Interests at Africa Investment Forum 2024 - AfDB President

In the statement, Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, said, “The Nigeria SAPZ Phase II 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 industrialise Africa!”

The statement also noted that at a presidential boardroom meeting on 4 December 2024, governors from Nigerian states, representatives of multilateral development organisations, members of the diplomatic corps, and private sector investors pledged their support for scaling up financing to Nigeria’s Federal and State Governments for the SAPZ initiative.

The initiative, described as ambitious, aims to transform Nigeria’s agricultural sector by establishing agro-industrial hubs. Building on the achievements of its first phase, the programme seeks to enhance productivity, improve food security, raise living standards, and create jobs across the country.

Click here to watch video of the Week