Nigeria Attracts $7.6 Billion in Investment Enquiries at Africa Investment Forum 2024
During the Africa Investment Forum 2024 held in Rabat, Morocco, from December 4–6, Nigeria garnered significant interest from investors, amounting to $7.6 billion.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, made the announcement on his X (formerly Twitter) account on Saturday.
Adesina commended the attendance of several state governors from Nigeria at the event, expressing optimism about the potential impact of the investment inquiries.
“I’m pleased to report that the Africa Investment Forum 2024 attracted investment interest in Nigeria totaling $7.6 billion. The participation of state governors from Lagos, Kaduna, Katsina, Kwara, Plateau, and later Ogun was exceptional. Our commitment to supporting and boosting investments in Nigeria remains unwavering,” his statement read.
Established by the African Development Bank and its partners, the Africa Investment Forum serves as a platform for expediting investments in projects across the continent.
Last year’s event drew around 2,300 attendees, including government officials, African business leaders, and international investors. In total, the forum facilitated $29.2 billion in investment interests for various projects in Africa, spanning infrastructure, technology, energy, and agriculture sectors.
The substantial interest in investing $7.6 billion in Nigeria underscores the nation’s economic potential and the ongoing reforms to attract foreign investments.
In a recent announcement in December, the African Development Bank Group disclosed that it had facilitated the raising of $2.2 billion for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project at the Africa Investment Forum.
“Global investors have shown keen interest in investing $2.2 billion in the Nigeria SAPZ Phase II project,” said Banji Oyelaran-Oyeyinka, the senior special adviser to the AfDB President.
“This amount surpasses the combined investments raised for SAPZs in all 12 African countries participating in the initiative. The time for SAPZs is now. It is time to industrialize Africa!”
At a presidential boardroom meeting on December 4, 2024, Nigerian state governors, representatives of multilateral development organizations, members of the diplomatic community, and private sector investors pledged their support to enhance financing for Nigeria’s federal and state governments for the SAPZ initiative.
The ambitious project aims to establish agro-industrial clusters to transform Nigeria’s agricultural sector. It seeks to enhance food security, productivity, living standards, and employment opportunities nationwide, building on the achievements of its initial phase.
