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Multi-Billion Dollar Investment Signals New Era of Industrial Transformation for West Africa
Lagos, Nigeria – Africa’s contribution to the global GDP currently stands at 3%, contributing only 2% to the world’s manufacturing value add (UNIDO 2024). Resource-rich nations with economies based on the export of commodities are only able to capture a maximum of 30% of its value. A strategic shift toward product valorisation and export could generate returns exceeding 10x the original value.
However, international investors continue to review opportunities within the region. Over the last 12 months, the Government of Ghana signed a landmark $12 billion agreement with the TCP-UIC Consortium for the development of the Petroleum Hub Project, featuring three refineries and five petrochemical plants. ENI pledged $10 billion to develop the Baleine field offshore Côte d’Ivoire. In the June 2024, the Federal Government of Nigeria secured a $3 billion facility from Afrexim Bank to build an industrial park and invest in light manufacturing. The African Development Bank Group approved a $75 million loan to support the implementation of Resource Mobilization and Industrial Development Support Programme (PAMRDI-I) in Senegal.
Sunday, 02 February 2025
