Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) has announced that the Abidjan-Lagos highway corridor, a lifeline for regional economic integration has attracted $15.5 billion in investment interest.
Speaking during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech held under the theme “Unlocking Africa’s Value Chains,” Adesina painted a picture of the corridor’s transformative potential, extending beyond borders to foster accelerated regional integration, sustainable economic development, and enhanced trade opportunities across West Africa.
“In 2022, investment interests were secured for the East Africa Railway Corridor, connecting Tanzania, the Democratic Republic of Congo, and Burundi, amounting to $3.6 billion,” Adesina noted.
He continued “We are delighted that the AIF has already closed deals on investment gaps worth $11 billion, spanning diverse sectors such as liquefied natural gas, renewable energy, agribusiness, industrial manufacturing, creative industries, housing, and transport. It is time to take action and invest in Africa.”
Adesina, a vocal advocate for investing in African economies, urged investors to recognize the continent’s immense potential. “As investors, place your investments where the future lies, which is in Africa,” he declared, emphasizing that Africa’s investment landscape should be evaluated based on facts, not perceptions.
He pointed out Africa’s low default rate, increasing private equity, and venture capital investments as compelling reasons to invest on the continent.
In a show of support for the Abidjan-Lagos highway corridor and regional economic integration, His Majesty King Mohammed VI of Morocco praised the Morocco-Nigeria Gas Pipeline Project as a significant initiative to provide reliable energy supplies to countries in the region.
The Africa Investment Forum (AIF) serves as a platform where investable projects meet with investors and leaders in investment boardrooms, ensuring that investments are facilitated, risks are managed, and deals are finalized.
Established in 2018, AIF has grown to become Africa’s premier investment platform, with support from key institutions including the AfDB, Islamic Development Bank, European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Corporation, and Africa 50.