Investors Eager to Invest $15.5 Billion in Abidjan-Lagos Highway, Says AfDB President
Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), has announced that the Abidjan-Lagos highway corridor has attracted an investment interest of $15.5 billion.
He made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, which revolved around the theme “Unlocking Africa’s Value Chains.”
According to Adesina, the Abidjan-Lagos highway corridor is set to bring about transformation across the entire West African region, promoting regional integration, sustainable economic development, and trade.
“In 2022, investment interests were secured for $3.6 billion for the East Africa Railway Corridor, linking Tanzania, the Democratic Republic of Congo, and Burundi.
“We are delighted that the AIF has so far closed on deals’ investment gaps worth $11 billion.
“This ranged from liquefied natural gas, renewable energy, agribusiness, industrial manufacturing, the creative industry, housing, and transport. It is time again for investment action, it is time to do it again,” Adesina said.
Adesina emphasised that African economies offer some of the most promising investment opportunities globally.
He encouraged investors to allocate their resources to Africa, underscoring the continent’s low default rates, robust private equity and venture capital growth, and its potential for high risk-adjusted returns.
The King of Morocco, His Majesty King Mohammed VI, also expressed his support for regional economic integration and cross-border development, particularly highlighting the Morocco-Nigeria Gas Pipeline Project, which aims to provide reliable energy supplies to countries along the pipeline route.
The Africa Investment Forum (AIF) serves as a platform where bankable projects in Africa meet with investors, and it offers an opportunity for heads of state, governments, investors, and other stakeholders to engage in investment discussions, risk management, and deal closures.
Founded in 2018, AIF is a multi-stakeholder platform and a flagship initiative of the AfDB, the Islamic Development Bank, and other key partners in African development.
Source: The Guardian
