Nigeria has attracted $7.6 billion in investment commitments at the Africa Investment Forum 2024, held in Rabat, Morocco, from December 4 to 6, 2024. The announcement was made by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), via his social media account on January 13, 2025. Nigerian state governors from Lagos, Kaduna, Katsina, Kwara, Plateau, and Ogun were present at the forum, signaling high-level participation to attract foreign capital. Dr. Adesina emphasized the AfDB’s commitment to supporting Nigeria’s economic growth and investment potential.
The Africa Investment Forum is a premier platform established by the AfDB to fast-track investment across Africa. The 2024 event, attended by over 2,300 global investors, African leaders, and government officials, facilitated $29.2 billion in total investment interests, covering sectors such as energy, infrastructure, agriculture, and technology. Nigeria’s success at the forum reflects growing international confidence in the country’s economic reforms and its appeal as an investment destination. Among the highlights was the $2.2 billion mobilized for the Special Agro-Industrial Processing Zones (SAPZ) Phase II initiative, aimed at transforming Nigeria’s agriculture sector.
The SAPZ initiative, described as transformative by AfDB officials, aims to establish agro-industrial hubs across Nigeria, fostering productivity, food security, and job creation. Representatives from multilateral organizations, private investors, and diplomatic corps pledged their support for scaling up financing at a December 4 boardroom meeting. The success of this initiative underscores Africa’s broader push towards industrialization and economic self-reliance, with Nigeria emerging as a central player in this effort.