Nigeria secured $7.6 billion in investment commitments at the 2024 Africa Investment Forum, organized by the African Development Bank (AfDB) and its partners in December.
AfDB President Akinwumi Adesina, in a post on his X account, highlighted the participation of several state governors, including those from Lagos, Kaduna, Katsina, Kwara, Plateau, and later Ogun, at the event held in Rabat, Morocco, from December 4 to 6, 2024.
Adesina expressed the bank’s dedication to supporting and increasing investments in 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, Plateau, and Ogun. We will keep working to support and boost investments to Nigeria,” he wrote.
The Africa Investment Forum, created by the AfDB and its partners, aims to accelerate investment into key projects across the continent.
At the forum, a total of $29.2 billion in investment interests was facilitated for various projects across Africa, including those in energy, infrastructure, agriculture, and technology.
Additionally, the AfDB announced it had facilitated $2.2 billion in capital mobilization for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the event.
This funding marks a significant achievement, as the Nigerian SAPZ Phase II presidential boardroom attracted more investment interest than SAPZ initiatives across all 12 African countries involved in the program.
Banji Oyelaran-Oyeyinka, Senior Special Adviser to Adesina, noted, “SAPZ is an idea whose time has come. This is the time to industrialize Africa!”