Nigeria secures $7.6b in investment commitments at Africa investment Forum — News — The Guardian Nigeria News – Nigeria and World News

Nigeria has garnered $7.6 billion in investment commitments during the Africa Investment Forum 2024, held from December 4 to 6 in Rabat, Morocco.

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), made the announcement on Saturday via his X (formerly Twitter) account.

Expressing optimism, Adesina highlighted the involvement of several Nigerian state governors in the forum.

“I am delighted the Africa Investment Forum 2024 mobilised $7.6 billion 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, initiated by the AfDB and its partners, aims to accelerate investments in projects across Africa.

The 2023 edition drew over 2,300 participants, including global investors, African business leaders, and government officials. It facilitated $29.2 billion in investment interests across sectors such as energy, infrastructure, agriculture, and technology.

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The $7.6 billion investment interest for Nigeria is viewed as a testament to the country’s economic potential and the impact of ongoing reforms aimed at attracting foreign capital.

In December, the AfDB announced it had mobilised $2.2 billion for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the forum.

Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, noted, “The Nigeria SAPZ Phase II presidential boardroom has raised $2.2 billion in investment interest from global investors. This surpasses what we have raised for SAPZs in all 12 African countries covered by the programme. SAPZ is an idea whose time has come. This is the time to industrialise Africa!”

At a boardroom meeting on December 4, Nigerian state governors, development organisations, diplomats, and private sector investors pledged support for scaling up funding for the SAPZ initiative.

This ambitious programme seeks to transform Nigeria’s agricultural sector by establishing agro-industrial hubs, boosting productivity, improving food security, and creating jobs across the nation.

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