The president of the African Development Bank Group (AfDB), Akinwunmi Adesina, has disclosed that the bank secured $15.6 billion worth of investment interest after the construction of the Lagos-Abidjan Highway.
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Adesina, made this known on Wednesday at the ongoing Africa Investment Forum 2022, in Abidjan, Cote D’Ivoire.
According to him, the highway, which carries 75 percent of trade in the West Africa region, would help unleash greater growth, trade, and investment across the region.
He hailed the forum for delivering amazing investments for Africa, adding that in four years since its commencement in 2018, it has attracted $110 billion in investment interests to Africa.
He said the $600 million securitised finance to support the cocoa board of Ghana has helped Ghana to grow its cocoa production by one million metric tonnes, with infrastructure for warehousing and cocoa processing.
The AfDB president said foreign direct investment (FDI) in Africa declined from $47 billion in 2019 to $40 billion in 2020 because of COVID-19, noting that Africa however, recovered in 2021, as FDI rose to $83 billion, doubling the flows in 2020.
He said: “By 2050, Africa will account for over one quarter of the world’s population. Africa has the largest sources of renewable energy in the world. Africa has 65percent of the uncultivated arable land left to feed the world.
“The future of electric cars in the world depends on Africa because it has the largest sources of cobalt in the world, with massive sources of lithium in Zimbabwe, Namibia, Ghana, Mali, and Democratic Republic of Congo.”
According to him, the African Continental Free Trade Area is the largest free-trade zone in the world connecting economies worth $3.3 trillion, and so Africa cannot be ignored.
Adesina said: “If you are not investing in Africa, think again! Africa is the investment frontier in the world – today and in the future. Invest in Africa today, benefit from its great future.
“The Africa Investment Forum is Africa’s premier investment marketplace which helps to connect investors to Africa. Four years ago, we began a journey together with the African Development Bank, the Africa Import-Export Bank, the Trade and Development Bank, the Africa Finance Corporation, the Development Bank of South Africa, the European Investment Bank, the Islamic Development Bank and Africa 50, when we established the Africa Investment Forum.”
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He added: “The landmark $24 billion liquefied natural gas project of Mozambique, which was structured and closed at the Africa Investment Forum, is the largest ever foreign direct investment in Africa. It will turn Mozambique into the third-largest exporter of natural gas in the world and add $66 billion to its economy.
“In the next 72 hours, we will have curated several investment ready projects for you as investors. These range from renewable energy hydropower, gas infrastructure, railways, roads, and water transport. They include agriculture, health, mining, fertilizer manufacturing, port infrastructure, and urban green transport. They include sports, urban housing, and private equity feeder funds.”
