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Nigeria attracted USD 7.6 billion in investment commitments at the Africa Investment Forum 2024, held in Rabat, Morocco. This was announced by the President of the African Development Bank (AfDB), Dr Akinwumi Adesina.
Dr Adesina expressed optimism about the potential impact of the commitment and lauded the participation of several Nigerian state governors at the forum. The Africa Investment Forum, established by the African Development Bank and its partners, serves as a platform to accelerate investments into projects across the continent. Last year’s event attracted over 2,300 participants, including global investors, African business leaders, and government officials. The forum facilitated USD 29.2 billion in total investment interests for various projects in Africa, spanning energy, infrastructure, agriculture, and technology sectors.
The USD 7.6 billion investment interest for Nigeria is seen as a strong vote of confidence in the Nigerian economic potential and the reforms being implemented to attract foreign capital. AfDB Group announced in a statement in December last year that it had facilitated USD 2.2 billion in capital mobilisation for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the Africa Investment Forum.
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The statement by Banji Oyelaran-Oyeyinka, Senior Special Adviser to the AfDB President, said, the Nigeria SAPZ Phase II presidential boardroom has raised USD 2.2bn in investment interest from global investors. This is far more than Nigeria raised for SAPZs across all the 12 African countries covered by the programme.
