Nigeria has secured $7.6 billion in investment interests at the 2024 Africa Investment Forum held in Rabat, Morocco. This announcement was made by Dr. Akinwumi Adesina, President of the African Development Bank.
The investment interests were generated during the forum, which took place from December 4 to 6, 2024. Several Nigerian state governors attended the event, including those from Lagos, Kaduna, Kastina, Kwara, Plateau, and Ogun.
According to Adesina, the investment interests are a testament to Nigeria’s economic potential and the government’s efforts to attract foreign capital. The Africa Investment Forum is a platform that accelerates investments into projects across the continent.
Last year’s event attracted over 2,300 participants, including global investors, African business leaders, and government officials. The forum facilitated $29.2 billion in total investment interests for various projects in Africa.
In addition to the $7.6 billion investment interests, the African Development Bank Group also facilitated $2.2 billion in capital mobilization for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project.
The SAPZ initiative aims to transform Nigeria’s agricultural sector by establishing agro-industrial hubs. The project has received significant support from global investors and is expected to enhance productivity, improve food security, and create jobs across the country.
Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, noted that the Nigeria SAPZ Phase II presidential boardroom has raised $2.2 billion in investment interest from global investors.
“This is far more than we have raised for SAPZs across all the 12 African countries covered by the program. SAPZ is an idea whose time has come. This is the time to industrialise Africa!” Oyelaran-Oyeyinka said.
The statement also noted that at a presidential boardroom meeting on December 4, 2024, governors from Nigerian states, representatives of multilateral development organisations, members of the diplomatic corps, and private sector investors pledged their support for scaling up financing to Nigeria’s federal and state governments for the SAPZ initiative.
The SAPZ initiative is described as ambitious, aiming to transform Nigeria’s agricultural sector by establishing agro-industrial hubs. Building on the achievements of its first phase, the program seeks to enhance productivity, improve food security, raise living standards, and create jobs across the country.
The investment interests generated at the forum are a positive development for Nigeria’s economy, and the SAPZ initiative has the potential to transform the country’s agricultural sector.
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