KEY POINTS
- Africa Investment Forum 2024 attracted $29.2 billion in commitments, showcasing 37 projects in energy, agribusiness, and infrastructure.
- Nigeria’s Special Agro-Processing Zone received $4.8 billion, exceeding its $975 million target.
- Participation grew 60%, with 2,300 delegates from 83 countries engaging in transformative African projects.
The 2024 Africa Investment Forum Market Days, hosted in Rabat, Morocco, concluded with $29.2 billion in new investment commitments, highlighting Africa’s growing appeal as a global investment destination.
Akinwumi Adesina, Chair of the Africa Investment Forum and President of the African Development Bank, called the achievement “truly outstanding,” emphasizing that additional deals are still under negotiation.
Over three days, 2,300 delegates from 83 countries participated—a 60% increase from the previous year—showcasing 37 investment-ready projects across diverse sectors including energy, agribusiness, infrastructure, and mining.
Investment highlights and key sectors
Boardroom discussions covered projects ranging from transport and energy to pharmaceuticals and urban infrastructure. Notable successes included Nigeria’s Special Agro-Processing Zone, which sought $975 million but attracted $4.8 billion in commitments.
Similarly, initiatives from Morocco and the Democratic Republic of the Congo surpassed their initial funding targets, demonstrating heightened investor confidence in African opportunities.
Adesina expressed optimism about the forum’s growing influence, stating, “We are becoming a global investment movement for Africa.” He credited the forum’s nine founding partners, which include the Islamic Development Bank, Afreximbank, and Africa50, for their ongoing collaboration.
Morocco’s role and diaspora appeal
Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, lauded the forum as a “unique platform for accelerating Africa’s transformation.” She urged the African diaspora to seize emerging opportunities, saying, “Africa is open for business. We have the projects, the energy, and the financing to succeed.”
The event also celebrated Adesina’s legacy as he approaches the end of his tenure at the African Development Bank. Named “African of the Decade” by the All Africa Business Leaders Award, he pledged to continue advocating for Africa, declaring, “My heart is in Africa; my soul and my mind are in Africa.”
A platform for transformative growth
The forum’s founding partners reaffirmed their commitment to mobilizing investments and addressing challenges such as market risks and high capital costs. Boitumelo Mosako, CEO of the Development Bank of Southern Africa, emphasized the importance of collaboration, noting, “We’ve seen growing partnerships and innovations, and we look forward to future Market Days.”
With $29.2 billion in deals secured and more under negotiation, the Africa Investment Forum has solidified its role as a catalyst for transformative projects, advancing economic development across the continent.
