Nigeria Draws $7.6 Billion in Investment Interests at Africa Forum

Nigeria has drawn $7.6 billion in investment enquiries at the Africa Investment Forum 2024, which took place in Rabat, Morocco, on December 4–6.

African Development Bank President (AfDB) Dr Akinwumi Adesina announced on Saturday via his X (formerly Twitter) account.

Adesina highlighted that several state governors from Nigeria attended the meeting, expressing confidence about the possible impact of the investment interests.

“I’m happy that the Africa Investment Forum 2024 generated interest in Nigerian investments totalling $7.6 billion.” State governors from Lagos, Kaduna, Kastina, Kwara, Plateau, and (later) Ogun were all wonderful. Our efforts to support and increase investments in Nigeria will continue,” his message stated.

Founded by the African Development Bank and its partners, the Africa Investment Forum provides a platform for accelerating investments in projects around the continent.

The event last year drew approximately 2,300 people, including government officials, African business leaders, and international investors. In total, the forum facilitated $29.2 billion in investment interests for a range of projects in Africa, including those in the infrastructure, technology, energy, and agricultural sectors.

The interest in investing $7.6 billion in Nigeria is interpreted as a resounding endorsement of the nation’s economic potential and the changes being carried out to draw in foreign investment.

In a December announcement, the African Development Bank Group had previously revealed that, at the Africa Investment Forum, it had helped raise $2.2 billion in cash for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project.

“Global investors have expressed interest in investing $2.2 billion in the Nigeria SAPZ Phase II presidential boardroom,” stated Banji Oyelaran-Oyeyinka, senior special adviser to the AfDB President.

“That’s a lot more than we have raised for SAPZs in all 12 of the African countries that are part of the initiative. The moment has come for the SAPZ concept. The moment to industrialise Africa is now!”

Nigerian state governors, representatives of multilateral development organisations, members of the diplomatic corps, and private sector investors vowed to support scaling up financing to Nigeria’s federal and state governments for the SAPZ initiative at a presidential boardroom meeting on December 4, 2024, the statement added.

The ambitious project intends to create agro-industrial clusters to revolutionise Nigeria’s agricultural economy.

The programme aims to increase food security, productivity, living standards, and job creation nationwide, building on the successes of its first phase.

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