The Abidjan-Lagos highway corridor has secured a $15.5 billion dollar investment interest according to the African Development Bank (AfDB). The President of the Bank, Dr. Akinwumi Adesina disclosed this while welcoming participants at the 2023 Africa Investment Forum (AIF), Market Days in Marrakech, Morocco on Wednesday. The event was themed “Unlocking Africa’s Value Chains”.

According to Dr. Adesina, the corridor will transform the entire West African region and speed up regional integration, sustainable economic development, and trade.

”In 2022, investment interests were secured for 3.6 billion dollars for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo, and Burundi. We are delighted that the AIF has so far closed on deals’ investment gaps worth 11 billion dollars. This ranged from liquefied natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport. It is time again for investment action, it is time to do it again”, he noted.

He says that investors should pay attention to the potential of the African continent since its economies provide some of the most exciting investment prospects in the world.

“As investors, put your money where the future is. The future is in Africa and investors should see Africa not from what they hear, but from what the facts say. Moody’s Analytics shows Africa’s default rate is the lowest in the world at 2.1 percent compared to Eastern Europe, well over 10 percent, and Asia well over 8 percent.

“Africa is not as risky as you perceive. Private equity and venture capital in Africa soared year over year to 7.70 billion dollars. The number of deals increased from 211 in 2018 to 404 in 2022, an increase of 91 percent. The total transaction value expanded from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022, an increase of 66 percent. Invest in Africa and reap high risk-adjusted returns”, he said.

His Majesty King Mohammed VI of Morocco had earlier said that the country’s goal of achieving cross-border community development and regional economic integration included the Morocco-Nigeria Gas Pipeline Project.

“This project will enable all countries along the pipeline route to have access to reliable energy supplies. I welcome the interest expressed by bilateral and multilateral partners in this project, and in particular, regional and international financial institutions. To provide effective support for the implantation of this strategic project”, he added.

AIF is the venue where investors and bankable projects in Africa come together. In investment board rooms, investors engage with heads of state and government. The forum is a multi-stakeholder platform that was established in 2018 and has grown to be the leading investment platform on the continent. It is the Islamic Development Bank’s (AfDB) main project.

The European Development Bank, Trade and Development Bank, Afrexim Bank, Development Bank of Southern Africa, Africa Finance Cooperation, and Africa 50 are among its founding partners.