Nov. 8, 2023

Dr Akinwumi Adesina, President of African Development Bank (AfDB) said that the Abidjan-Lagos highway corridor has secured a 15.5 billion dollars investment interest.

Adesina said this while welcoming participants at the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco on Wednesday.

The event has as its theme,” Unlocking Africa’s Value Chains”.

Adesina said the corridor will transform the entire West African region and speed up regional integration, sustainable economic development and trade.

”In 2022, investment interests were secured for 3.6 billion dollars for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo and Burundi.

“We are delighted that the AIF has so far closed on deals’ investment gaps worth 11 billion dollars.

“This ranged from liquified natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport.

“It is time again for investment action, it is time to do it again,” Adesina said.

According to the AfDB boss, African economies provide some of the best investment opportunities in the world.

He said, “as investors, put your monies where the future is. The future is in Africa and investors should see Africa not from what they hear, but from what the facts say.

“Moody’s Analytics shows Africa’s default rate is the lowest in the world with 2.1 per cent compared to Eastern Europe well over 10 per cent; and Asia well over 8 per cent.

“Africa is not as risky as you perceive. Private equity and venture capital in Africa soared year over year to 7.70 billion dollars.

“The number of deals increased from 211 in 2018 to 404 in 2022, an increase of 91per cent.

“The total transaction value expanded from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022, an increase of 66 per cent. Invest in Africa and reap high risk-adjusted returns, “Adesina said.

Earlier, the king of Morocco, His Majesty King Mohammed VI, said the Morroco-Nigeria Gas Pipeline Project was part of the country’s endeavour to achieve regional economic integration and cross border development of communities.

“This project will enable all countries along the pipeline route to have access to reliable energy supplies.

“I welcome the interest expressed by bilateral and multilateral partners in this project, and in particular, regional and international financial institutions.

“To provide effective support for the implantation of this strategic project,” he added.

AIF is the place where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

It is also where comfort is given to investments, where risks are managed and where deals are closed.

AIF founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform. It is a flagship initiative of the AfDB, Islamic Development Bank.

It has European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation, Africa 50 as its Founding Partners.(NAN)