By Emmanuel Nduka
Nigeria has attracted $7.6 billion in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from December 4 to 6.
The milestone was shared by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), via a post on X (formerly Twitter) on Saturday, expressing confidence in the transformative potential of these investments, and underscoring the involvement of several Nigerian state governors, including those from Lagos, Kaduna, Katsina, Kwara, Plateau, and later Ogun.
“I am delighted the Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria. It was great to have several State Governors at the event. We will continue to work to boost investments in Nigeria,” Adesina wrote.
The Africa Investment Forum, launched by the African Development Bank and its partners, is designed to accelerate investment in critical sectors across the continent. In 2023, the event attracted over 2,300 participants, including global investors, African business leaders, and government officials, facilitating $29.2bn in investments across sectors like energy, infrastructure, agriculture, and technology.
The $7.6bn in investment interest for Nigeria is seen as a significant endorsement of the country’s economic reforms and potential. Additionally, the AfDB announced a $2.2bn capital mobilisation for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II project, signaling strong international support for Nigeria’s agricultural transformation.
Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, described the SAPZ initiative as a timely and crucial step for Africa’s industrialisation.
Governors from Nigerian states and international investors pledged their commitment to scaling up financial support for the program, which aims to drive economic growth, improve food security, and create jobs through agro-industrial hubs.
Heritage Times HT reports that the investment momentum underscores Nigeria’s growing appeal as a prime destination for global capital and highlights its progress in creating a more attractive investment climate.
