Nigeria Secures $7.6bn in Investment Interests at Africa Investment Forum
Nigeria has emerged as a major recipient of investment interests at the Africa Investment Forum 2024, held from December 4-6 in Rabat, Morocco, attracting a remarkable $7.6 billion. This boost in investment signals growing confidence in Nigeria’s economic potential and its ongoing reforms to attract foreign capital.
The announcement came from Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), who shared the news in a post on his X (formerly Twitter) account on Saturday. Dr. Adesina expressed his enthusiasm, noting that several Nigerian state governors were present at the event, further underscoring the country’s commitment to fostering investments.
“I am delighted the Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria,” Adesina wrote. “It was great to have several State Governors: Lagos, Kaduna, Katsina, Kwara, and Plateau, and (later) Ogun. We will keep working to support & boost investments to Nigeria.”
The Africa Investment Forum, an initiative by the African Development Bank and its partners, aims to accelerate investments across the continent. The 2024 edition saw over 2,300 participants, including global investors, African business leaders, and government officials, all gathered to discuss and unlock investment opportunities in energy, infrastructure, agriculture, and technology.
Nigeria’s $7.6 billion investment interest is a key highlight, reinforcing the country’s robust economic outlook. This achievement is also seen as a direct result of the government’s sustained efforts to create a more business-friendly environment.
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In addition to this success, the African Development Bank highlighted its facilitation of $2.2 billion in investment interests for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II project. The initiative, aimed at revolutionizing Nigeria’s agricultural sector by establishing agro-industrial hubs, received significant backing from global investors.
Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, remarked, “This is far more than we have raised for SAPZs across all the 12 African countries covered by the programme. SAPZ is an idea whose time has come. This is the time to industrialise Africa!”
At the forum’s presidential boardroom meeting, governors from Nigerian states, alongside multilateral development organizations, diplomatic representatives, and private sector investors, pledged their continued support to scale up financing for SAPZ. The initiative is poised to enhance productivity, improve food security, and generate jobs while raising living standards across Nigeria.
