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Nigeria accounts for seven billion dollars at African Investment Forum

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Nigeria reportedly accounts for seven billion dollars of the 38.7 billion-dollar inflows from the African continent at the maiden edition of the African Investment Forum in South Africa in November 2018.

The Senior Country Director for Nigeria at the African Development Bank (AfDB), Ebrima Faal, confirmed this in Abuja on Tuesday, 9 July 2019. He was speaking at the roadshow to promote the second edition of the forum coming up in South Africa in November.

He disclosed that the AfDB would be increasing its average investment in Africa from about 600 million dollars every year to about one billion dollars per annum in the next three years.

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The report by Nigeria’s Vanguard newspaper on Wednesday, 10 July 2019, said that Faal stated that the transactions at the forum that were designated for Nigeria accounted for 14.9 percent of the deals that were closed at the investment market, which the bank conceived to expose bankable projects on the continent to investors from across the globe.

“The Africa Investment Forum aims to change the face of investment in Africa by bringing together members with a vested interest in Africa’s growth and development through business transformation.

“It is a multi-stakeholder and multi-disciplinary collaborative platform for international business and social impact investors looking to invest on the continent. It is a highly-transactional marketplace dedicated to advancing projects to bankable stages, raising capital, and accelerating the financial closure of deals,” he said.

– APA

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