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Expert: Nigeria, Others’ $25.75bn FDI Signals Era of Industrial Transformation for W’Africa

Eromosele Abiodun
An expert in the manufacturing and industrial sector has stated that the $25.75 billion Foreign Direct Investment (FDI), attracted by Nigeria, Ghana and Côte d’Ivoire in the last 12 months signals a new era of transformation for West Africa.
Country Director, Nigeria & Portfolio Director, Africa, dmg events, Wemimo Oyelana stated this while announcing the West Africa Industrialisation, Manufacturing & Trade (West Africa – IMT) Summit to be held in Lagos.
“Africa’s contribution to the global gross domestic products (GDP) currently stands at 3 per cent, contributing only 2 per cent 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 per cent 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.”
The summit, he said, aims to support the acceleration of industrial development within West Africa by convening key decision makers from across the entire industrialisation ecosystem to collaborate and chart the pathway towards a sustainable and intra-African industrial revolution.
Themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,”the event will convene market leaders from around to globe to spark innovative discourse on developing partnerships to leverage the resources endowments of African nations and the technological solutions of the developed nations.
“Heads of State across West Africa have set industrialisation as the key priority, acknowledging it as the central catalyst for economic transformation and an avenue to take advantage of its abundance in natural resources including raw materials and human capital.
“With abundant natural resources, a young workforce, renewable energy potential, arable land, a growing middle-class consumer market, and a cost-competitive labour force, Africa has many of the key ingredients for industrial success. However, the region continues to grapple with the impact of climate change on agriculture, geopolitical tensions driving up energy and food prices and political uncertainties.
“Through effective reforms and the right policy measures, nations within the region are set to attract investors and create an enabling environment for business to thrive. The potential utilisation of advanced technologies for cleaner energy systems and green industrialisation could see African nations leapfrogging for a more rapid and efficient industrial revolution,” he said.
By fostering the discourse that is critical to developing the industrialisation and trade strategies for the region, and bringing companies together to drive business development efforts, he said the West Africa IMT will be at the heart of supporting regional and international government and private sector stakeholders to spearhead a sustainable industrial revolution.
“Over the three event days, governments will meet with the private sector and international investors to outline priorities for a sustainable industrialisation journey. The event is expected to attract 2,500 attendees from over 25 countries, making it the first of its kind within the region.
“The large-scale Exhibition will showcase major international and regional players, including, manufacturing, energy, finance, technology, logistics, raw materials and security. Deal marking and collaboration will be at the heart of the networking opportunities,” Oyelana said.