Nigeria has recently gained a significant amount of investment interest, totaling $7.6 billion, during the Africa Investment Forum 2024. This important event took place in Rabat, Morocco, from December 4 to 6, 2024.
Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), shared this news on his social media account, expressing excitement about the potential benefits that these investments could bring to Nigeria. He noted that several governors from different Nigerian states, including Lagos, Kaduna, Kastina, Kwara, Plateau, and later Ogun, attended the forum, which he believes shows strong support for boosting investments in the country.
The Africa Investment Forum, which was created by the African Development Bank and its partners, is designed to help attract investments for various projects across Africa. Last year, the forum saw participation from over 2,300 people, including global investors, business leaders from Africa, and government officials. Together, they facilitated a total of $29.2 billion in investment interests for various projects across the continent, covering sectors like energy, infrastructure, agriculture, and technology.
The $7.6 billion in investment interest for Nigeria is viewed as a strong indication that investors believe in the country’s economic potential and the ongoing reforms aimed at attracting foreign investment.
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In addition to this, the African Development Bank announced that it helped raise $2.2 billion for a specific project called the Special Agro-Industrial Processing Zones (SAPZ) in Nigeria. This project is part of a larger initiative to improve the agricultural sector in Nigeria by creating industrial hubs that focus on agro-processing. Banji Oyelaran-Oyeyinka, a senior adviser to the AfDB President, highlighted that this amount is significantly more than what has been raised for similar projects in 12 other African countries. He emphasized that the SAPZ initiative is crucial for Africa’s industrialization.
During a meeting at the forum, Nigerian state governors, representatives from international development organizations, diplomats, and private investors all committed to supporting increased funding for the SAPZ initiative. This ambitious plan aims to transform Nigeria’s agriculture by enhancing productivity, improving food security, raising living standards, and creating new jobs throughout the country.
