Nigeria attracted $7.6 billion in investment commitments during the Africa Investment Forum 2024, held in Rabat, Morocco, from December 4 to December 6.
The African Development Bank (AfDB) President, Dr Akinwumi Adesina, announced the milestone via his X (formerly Twitter) account, expressing optimism about the impact of these investments.
“The Africa Investment Forum 2024 mobilised $7.6bn of investment interest for Nigeria. It was great to have State Governors from Lagos, Kaduna, Katsina, Kwara, Plateau, and later Ogun present. We will continue to boost investments in Nigeria,” Adesina wrote.
The Africa Investment Forum, an initiative by the AfDB and its partners, aims to accelerate funding for projects across the continent. Last year’s forum facilitated $29.2bn in total investments for sectors like energy, agriculture, infrastructure, and technology.
The $7.6bn pledged to Nigeria reflects growing confidence in the country’s economic reforms and potential.
Additionally, the AfDB announced it had mobilised $2.2bn for Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) Phase II during the event. This initiative aims to industrialise Nigeria’s agriculture sector by creating agro-industrial hubs, boosting productivity, food security, and job creation.
“This is the time to industrialise Africa,” said Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President.