The African Development Bank (AfDB) has said that Nigeria accounted for $7 billion of the $38.7 billion inflows that were secured for 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 AfDB, Mr. Ebrima Faal, said in Abuja on Tuesday 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 every year to about $1 billion per annum in the next three years.
The report by Nigeria’s Vanguard newspaper on Wednesday 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.