Nigeria secured $7.6 billion in investment interests at the just concluded Africa Investment Forum (AIF) held in Rabat, Morocco, in December 2024.
This was Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), in a post on his X (formerly Twitter) account on Saturday.
Dr. Adesina expressed optimism about the significance of the investment commitments and highlighted the active participation of several Nigerian state governors at the forum. “I am delighted the Africa Investment Forum 2024 mobilised $7.6bn 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 and boost investments to Nigeria,” he said.
The Africa Investment Forum, established by the African Development Bank and its partners, serves as a platform to accelerate investments into transformative projects across the continent. This year’s forum drew global investors, African business leaders, and government officials, facilitating $29.2 billion in total investment interests for various projects, spanning energy, infrastructure, agriculture, and technology.
For Nigeria, the $7.6 billion investment interest signals renewed confidence in the country’s economic potential and ongoing reforms to attract foreign capital. One of the major highlights was the $2.2 billion raised for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project.
In a statement, Senior Special Adviser to the AfDB President, Banji Oyelaran-Oyeyinka, praised the outcome of the SAPZ initiative. “The Nigeria SAPZ phase 2 presidential boardroom has raised $2.2bn 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 of which time has come. This is the time to industrialize Africa!”
The SAPZ initiative, described as ambitious, seeks to transform Nigeria’s agricultural sector by creating agro-industrial hubs. The program aims to boost productivity, enhance food security, improve living standards, and create jobs nationwide.
At a presidential boardroom meeting held on December 4, 2024, Nigerian governors, multilateral development organizations, private investors, and members of the diplomatic corps pledged their support to scale up financing for SAPZ. The collaboration underscores Nigeria’s commitment to leveraging international partnerships to drive economic development.
Building on the successes of the forum, Dr. Adesina reaffirmed the AfDB’s commitment to supporting Nigeria’s growth trajectory, stating that the organization would continue to mobilize investments for impactful projects across the country.
The outcomes of AIF 2024 reflect Nigeria’s appeal to global investors and highlight the strategic role of platforms like the Africa Investment Forum in unlocking the continent’s economic potential. As the nation looks to implement these investments, the focus remains on creating sustainable growth and enhancing the quality of life for its citizens.
