Nigeria has secured $7.6 billion in investment interests at the Africa Investment Forum (AIF) 2024, held in Rabat, Morocco, from December 4 to 6, 2024. The announcement was made by the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, who praised the outcome as a significant milestone for the nation.
In a statement on his X (formerly Twitter) account on Saturday, Dr. Adesina highlighted the robust participation of Nigerian state governors at the forum, expressing optimism about the impact of the investments on the country’s economy.
“I am delighted the Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria. It was great to have several state governors: Lagos, Kaduna, Katsina, Kwara, and Plateau, and (later) Ogun. We will keep working to support and boost investments to Nigeria,” Adesina wrote.
The Africa Investment Forum, an initiative of the AfDB and its partners, serves as a premier platform to fast-track investments in transformative projects across Africa. This year’s forum attracted global investors, development partners, and African leaders to discuss opportunities across sectors such as agriculture, energy, infrastructure, and technology.
Among the highlights of the forum was the facilitation of $2.2 billion for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II project. According to an AfDB statement, the SAPZ initiative is designed to transform Nigeria’s agricultural sector by establishing agro-industrial hubs aimed at enhancing productivity, improving food security, and creating jobs.
“The Nigeria SAPZ Phase II presidential boardroom has raised $2.2bn 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 programme,” noted Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President.
The SAPZ initiative, which builds on the successes of its first phase, is considered a critical component of Nigeria’s economic transformation strategy. During the forum, Nigerian state governors, private sector investors, and representatives of multilateral organizations pledged their support for scaling up financing for the project.
The $7.6 billion investment interest secured for Nigeria is seen as a vote of confidence in the country’s economic reforms and business-friendly policies. Analysts believe this influx of capital will play a pivotal role in addressing unemployment, boosting industrialization, and driving long-term economic growth.
As the Africa Investment Forum continues to attract global attention, Dr. Adesina reaffirmed the AfDB’s commitment to supporting Nigeria’s development agenda. With sustained collaboration between government and private investors, Nigeria remains well-positioned to leverage these opportunities for national advancement.
