Nigeria, Ghana, 2 Others Secure $25bn Funding For Industrial Revolution

Four African countries, namely, Nigeria, Ghana, Côte d’Ivoire, and Senegal have recently secured landmark investments totaling about $25billion aimed at boosting industrial capabilities in these benefiting nations.

To this end, Ghana has signed a $12 billion deal with the TCP-UIC Consortium for the development of a petroleum hub, Côte d’Ivoire attracted $10 billion from ENI for offshore oilfield development, and Nigeria secured a $3 billion Afrexim Bank facility to support light manufacturing. Similarly, Senegal is advancing its industrial development programme with a $75 million African Development Bank loan.

Heads of State across West Africa are prioritising industrialisation as a cornerstone for economic transformation. The region’s abundant natural resources, young workforce, renewable energy potential, and growing consumer market provide key advantages. However, challenges such as climate change, geopolitical tensions, and political uncertainties persist.

Therefore, discussions on Africa’s industrial development are expected to take the center stage at the West Africa Industrialisation, Manufacturing & Trade (West Africa – IMT) Summit and Exhibition billed for May this year.

Despite accounting for only three per cent of global GDP and two per cent of the world’s manufacturing value add (UNIDO, 2024), resource-rich African nations are setting the stage for transformative growth through industrialization.

RELATED

Tech Upgrades That Ensure Faster Player Settlements

9 hours ago

Customs Grants 223 Importers 21-day Ultimatum Over N379.6bn Duty Violations

16 hours ago

Themed ‘Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,’ the summit aims to unite key stakeholders in industrial development to foster partnerships and chart pathways for sustainable growth.

Country Director, Nigeria & Portfolio Director, Africa at DMG events, Wemimo Oyelana, said, “this landmark initiative is dedicated to unlocking West Africa’s full industrial potential.

By fostering discourse and collaboration, West Africa IMT will be central to driving transformative progress and establishing the region as a vital player in the global industrial ecosystem.”

The West Africa IMT Summit aims to address these barriers by convening over 2,500 attendees from 25 countries, including government officials, private sector leaders, and international investors. The event will feature leadership dialogues, investment roundtables, CPD-accredited workshops, and an extensive exhibition showcasing innovations in manufacturing, energy, technology, logistics, and more.

The Summit is poised to align government and private sector efforts, fostering regional and international collaborations to accelerate industrial growth. With initiatives like the West Africa IMT Summit, Africa is positioning itself to leapfrog into a sustainable and globally competitive Industrial Revolution.