Nigeria Secures $7.6bn Investment Pledge At Africa Investment Forum – AfDB

Nigeria secured a total of $7.6 billion investment commitments at the 2024 Africa Investment Forum, hosted by the African Development Bank (AfDB) and its partners in December.

According to  president of AfDB Akinwumi Adesina, in a post on his X account, several state governors including Lagos, Kaduna, Katsina, Kwara and Plateau, and (later) Ogun were present at the event which took place in Rabat, Morocco, from December 4 to 6, 2024.

He added that the bank remained committed and will keep working to support and boost investments to Nigeria.

“I am delighted that the Africa Investment Forum 2024 mobilized $7.6 billion 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 & boost investments to Nigeria,” his post read.

The Africa Investment Forum, established by the African Development Bank and its partners, is a platform that seeks to fast-track investments into projects across the continent.

The forum facilitated $29.2 billion in total investment interests for various projects across Africa, ranging from energy and infrastructure to agriculture and technology.

This followed an earlier announcement made by the bank, as it facilitated $2.2 billion in capital mobilisation for its Special Agro-Industrial Processing Zones Nigeria Phase II project during the Africa Investment Forum.

The bank has earlier announced that the Nigerian SAPZ phase 2 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 programme.

SAPZ is an idea which time has come. This is the time to industrialize Africa!”, Banji Oyelaran-Oyeyinka, Senior Special Adviser to Adesina had said in a statement.