Africa’s economic resurgence has been further boosted by over $68 billion in investment commitment following the just concluded World Economic Forum (WEF) on Africa which ended in Abuja, Nigeria’s capital city last week.
According to the forum’s Managing Director, Dr Philipp Rosler, the funds came, not only in the form of Foreign Direct Investments (FDI), but also as public and private investments across countries on the continent.
The funds would be used for projects expected to foster growth in the agriculture sector, as well as improve infrastructure such as railways, roads, education, hospitals, ICT and skill development, according to the MD.
“What this means is that it is not just money, but opportunities for Africa and the reason why we are here is to unlock the opportunities for the improvement in the states of Africa,” said Rosler.
In spite of the security challenges and ongoing protest in Abuja, the host city, following the abduction of over 200 schoolgirls in Nigeria’s northeast, Rosler said that the event was one of the best to be hosted by his organisation in recent years.
According to him, his organisation’s mission, which is “commitment to the growth of the world in three steps” has been achieved by the forum.
Rosler expatiated on the three steps; “to create community of interest, to create community of purpose and lastly to have community of exchange.” These steps, according to him, have all been achieved in Abuja.
“Millions of people have now realised that Africa is important in global economy,” Rosler added.
Africa’s economy is expected to grow at an average of over 6 percent between 2013 and 2023, according to statistics from the World Bank, after a 5.6 percent a year growth rate earlier recorded made it the fastest growing continent in the world.
Global investors are beginning to see the vast opportunities on the continent and FDI in several African countries as well as private investments are increasing as seen at the just concluded WEF on Africa.
Also speaking on the success of the forum in drawing investments into the continent, Director and Head of Africa WEF, Elzie Kanza said China had disclosed it would invest $42 billion in the continent, out of which $30 billion would be used for the extension of credit lines, $10 billion to finance investment and $2 billion for the China-Africa investment fund.
According to her, Nigeria will enjoy $16 billion investment and 180,000 new jobs from the Dangote group in the next 4 years.
An unnamed company would also invest $1 billion across Africa over the next decade, Kanza added. (VENTURES AFRICA)