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AfDB secures $15.5bn investment for Abidjan-Lagos Highway project

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Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), has disclosed that the Abidjan-Lagos highway corridor has successfully secured $15.5 billion in investment interest.

Adesina spoke during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, where participants gathered under the theme “Unlocking Africa’s Value Chains.”

Adesina emphasised that the corridor’s transformational potential extends to the entire West African region, offering the promise of accelerated regional integration, sustainable economic development and enhanced trade opportunities, News Agency of Nigeria reported.

Adesina said: “In 2022, investment interests were secured for the East Africa Railway Corridor, connecting Tanzania, the Democratic Republic of Congo and Burundi, amounting to $3.6 billion.”

He said: “We are delighted that the AIF has already closed deals on investment gaps worth $11 billion, spanning diverse sectors such as liquefied natural gas, renewable energy, agribusiness, industrial manufacturing, creative industries, housing, and transport. It is time to take action and invest in Africa.”

According to him, African economies present some of the most promising investment opportunities globally and encourage investors to focus on the continent’s potential.

In support of the Abidjan-Lagos highway corridor and the broader objectives of regional economic integration, His Majesty King Mohammed VI of Morocco commended the Morocco-Nigeria Gas Pipeline Project as a significant initiative to provide reliable energy supplies to countries.

 

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