Inside Details of How Nigeria Secured $7.6bn Investments At Africa Forum -AfDB Boss, Adesina Reveals

The New Diplomat
Writer

Ad

Surprise as Tinubu Overturns NTA shake-up, reinstates Abdullah Dembos, Ayo Adewuyi

By Obinna Uballa President Bola Tinubu has reversed recent leadership changes at the Nigerian Television Authority (NTA), ordering the reinstatement of Director-General Salihu Abdullahi Dembos and Executive Director of News Ayo Adewuyi, triggering surprises in the Broadcast industry. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the directive in a…

Chatham House Rebuts Tinubu, Says Corruption Still Crippling Nigeria’s Growth

By Obinna Uballa United Kingdom based policy institute, Chatham House, has countered President Bola Tinubu’s recent claim that his administration has eradicated corruption in Nigeria, asserting that the vice remains deeply entrenched and continues to undermine the country’s economic growth and governance structures. In a new report authored by Dr. Leena Hoffmann, Associate Fellow of…

Ranked: Top Sources of Billionaire Wealth by Industry

Key Takeaways Forbes found finance and investments leads the top sources of billionaire wealth (464 billionaires) in 2025. Technology is the second-most common sector for billionaires (401), adding 59 new names since 2024. The world’s ultra-rich aren’t evenly spread across either the globe or the economy. Instead, their fortunes tend to cluster in a handful of high-growth, high-margin industries. This…

Ad

By Kolawole Ojebisi

The President of African Development Bank (AfDB), Dr Akinwumi Adesina, has revealed how Nigeria secured $7.6bn in investment interests at the Africa Investment Forum 2024.

Akinwumi who made this announcement in a in a post on his X (formerly Twitter) account on Sunday said the event where the deal was sealed took place in Rabat, Morocco, from December 4 to 6, 2024.
Dr Adesina expressed optimism about the potential impact of the investment interests, highlighting the presence 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, Kastina, Kwara and Plateau, and (later) Ogun. We will keep working to support and 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.

Last year’s event attracted over 2,300 participants, including global investors, African business leaders, and government officials.

According to Adesina, the forum facilitated $29.2bn in total investment interests for various projects across Africa, ranging from energy and infrastructure to agriculture and technology.

The $7.6bn investment interest for Nigeria signals a strong vote of confidence in the country’s economic potential and the reforms being implemented to attract foreign capital.

Earlier, the African Development Bank Group said in a statement in December that it facilitated $2.2bn in capital mobilisation for its Special Agro-Industrial Processing Zones Nigeria Phase II project during the Africa Investment Forum.

In the statement, Senior Special Adviser to the African Development Bank’s President Banji Oyelaran-Oyeyinka was quoted as saying, “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 statement further noted that at a presidential boardroom meeting on December 4, 2024, governors from Nigerian states, representatives of multilateral development organisations, members of the diplomatic corps, and private sector investors pledged their support for scaling up financing to Nigeria’s Federal and State Governments for the SAPZ initiative.

Ad

X whatsapp