The Abidjan-Lagos highway corridor, a crucial infrastructure project in West Africa, has secured a substantial $15.5 billion in investment interest, as revealed by Dr. Akinwumi Adesina, President of the African Development Bank, at the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco.
This corridor is anticipated to boost regional integration, sustainable economic development, and augment trade opportunities across West Africa.
Unleashing Africa’s Potential
Adesina emphasized the potential of African economies, citing a real GDP growth of 3.8% in 2022, surpassing the global average. He also highlighted the promising prospects for African economies, with five of the six pre-pandemic top-performing African countries projected to be among the world’s 10 fastest-growing economies for 2023–2024. Moreover, Adesina underscored the significance of the African Continental Free Trade Area (AfCFTA), which represents a consolidated market size of $3.4 trillion, and he encouraged investors to recognize Africa’s potential.
Africa’s Role in the Electric Vehicle Market
Adesina discussed the burgeoning opportunity in the electric vehicle market, emphasizing Africa’s pivotal role as a significant source of green metals essential for electric vehicle development. He pointed out that Africa’s resource wealth is key to the future of electric vehicles, with the electric vehicle value chain projected to increase from $7 trillion to $57 trillion by 2050.
Agricultural Sector and SAPZs
Beyond infrastructure and economic developments, Adesina addressed the agricultural sector, stressing the importance of Special Agro-Industrial Processing Zones (SAPZs) in Africa. He highlighted the immense potential of Africa’s food and agriculture market, projected to reach $1 trillion by 2030.
The AfDB has provided financing of $853 million and mobilized over $661 million from other development partners to support the establishment of SAPZs. Adesina announced the launch of the Alliance for Special Agro-Industrial Processing Zones, aiming to mobilize at least $2 billion in financing and investment commitments over the next five years.
2023 Africa Investment Forum
During the 2023 Africa Investment Forum, King Mohammed VI of Morocco also highlighted the Morocco-Nigeria Gas Pipeline Project as a significant initiative for regional economic integration and cross-border development. The forum has successfully closed deals on investment gaps worth $11 billion across various sectors, demonstrating the growing momentum and opportunities for investment in Africa.
The significant investment interest in infrastructure projects, such as the Abidjan-Lagos highway corridor and the East Africa railway corridor, signals a growing confidence in the region’s economic prospects and underscores the strategic importance of enhancing connectivity and trade within Africa.
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