Economy

THE 2024 Africa Investment Forum (AIF) Market Days began on Wednesday as Dr Akinwumi Adesina, President of the African Development Bank Group, listed ways on how African dreams could be turned into realities.

The News Agency of Nigeria (NAN) reports that the three-day event, holding in Rabat, Morocco, has its theme as: ‘Leveraging Innovative Partnerships for Scale’.

In his speech, Adesina emphasised the vast investment opportunities in Africa, highlighting the continent’s growing population, which is expected to double to 2.4 billion by 2050.

He noted that Africa presents a unique investment opportunity, with the continent’s food and agriculture market projected to reach one trillion dollar by 2030.

Adesina, who is also chairman of the Board of Directors for ‘Africa 50’, highlighted the demand for infrastructure, which presents an annual investment opportunity of at least 170 billion dollars.

According to him, AIF has mobilised over 180 billion dollars in investment interest since its launch in 2018.

This year’s forum features 41 investment board rooms, where investors will engage with project sponsors to facilitate quicker commitments and partnerships.

Speaking earlier on Tuesday at a cocktail reception held to kick-start the activities for the next three days, Adeshina underscored the impact of the AIF in bringing new investment opportunities for the continent’s growth and development

“Over the next three days, we will discuss business, assessing and closing deals and projects that will transform Africa.

“From project developers, investors, to international institutions. Over 2,300 participants will come from 83 countries. You’ve got to arrive here in Rabat to engage in investment opportunities.

“The investment boardrooms will be very rich. Our platform investor blast has reached out to 2,298 single investors, and 1,707 of them have been cleared to proceed to the boardrooms, a record figure again.

“Over the past days, they have sought to accommodate you.

“They’ve moved things around. Some boardrooms were already set. They had to reset them because the amount of investors interest is incredible.

“We have significantly grown our platform in line with the commitments to the people of Africa.

“Now that we look forward to adding more billions of dollars for the next three days, let us use our collective gathering here to set a new milestone for committing and accelerating investments in Africa,” Adesina said.

Mrs Nadia Fettah-Alaoui, Minister of Economy and Finance, Morocco, described what the AfDB boss is doing as great asset for Africa.

“Adesina is a great asset for Africa because we know in this room as Africans how many great successes we already have to share but how many we have to do in the future.

“Our appetite is great. Our ambition is important. You will see in the coming three days. I’m talking to the investors in particular, that if you want to be the champion of your country, of the region, of the continent, please do so.

“Keep dreaming. Keep working. The guys with the money are here. They’re watching you. They believe you. They’re bringing billions for you,” she said.

Also, the Chief Executive Officer of Africa 50, Alain Ebobese, described AIF as a testament to the commitment to realising Africa’s aspirations, transforming dreams into reality and addressing the continent’s infrastructural needs.

“We work very hard to deliver transformative infrastructure projects across critical sectors such as energy, ICT, transport, mainstream, education, healthcare, among others.

“In just over seven years of operations, we have funded game-changing projects with an aggregate project value in excess of $8 billion.

“Now, we know that this is not enough because the infrastructure needs in Africa are still huge and urgent.

“Just to give an example, a figure from the African European Bank, $1.6 trillion required by 2030 to meet the UN Sustainable Development Goals.

“So, we know this is not something that one institution can achieve alone.

“We know this can only be achieved through innovative and cohesive partnerships, which underscore the theme of today’s African Investment Forum Market Days,” he said.

NAN also reports that the forum has attracted thousands of global investors, African business leaders, and government representatives to advance high-impact projects and enhance networking among global leaders in business and development.

Some of the key highlights of the forum include Focus on SMEs and Exclusive Networking, Access to Bankable Projects, Real-Time Deal-Making, and Flagship Initiatives.

The AIF has mobilised nearly 180 billion dollars in investment interest since its launch in 2018. (NAN) 

4th December, 2024.C.E

Tags: Africa Investment Forum Dr. Akinwumi Adesina

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