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AfDB seeks $58b for Lagos-Cotonou-Lome-Abidjan highway, others

THE African Development Bank Group (AfDB) will announce the results of $58 billion deal offers for 42 critical African projects today, including a proposed highway connecting Lagos and Abidjan via Cotonou, Lome, and Accra, as well as the Nigerian Film Academy.

The deals were selected by the African Development Bank (AfDB) and have been available to investors since Tuesday at the three-day Africa Investment Forum (AIF) Virtual Boardroom sessions.

Dr. Akinwumi Adesina, President of the African Development Bank Group, said the bankable projects would help Africa achieve economic prosperity and greatness. The sessions, according to Adesina, were a once-in-a-lifetime opportunity to “make deals.”

He mentioned a $3.3 billion East Africa railway corridor connecting Tanzania, Burundi, and the Democratic Republic of Congo, as well as a $15.6 billion transport corridor highway connecting Lagos to Cotonou, Lome, Accra, and Abidjan, among the projects curated.

Other projects include a $140 million film academy in Nigeria, $247 million special agro-industrial processing zones in northern Cote d’Ivoire, a $545 million lithium mine project in the Democratic Republic of Congo that will be critical for the global electric vehicle industry, and a $5 billion fund for women-led businesses.

The former Nigerian Agriculture Minister expressed his enthusiasm for the opportunities for women-led projects, stating that “Africa wins when women win.”

He noted: “We have several projects on renewable energy projects as well as in oil and gas. There are many more projects with high expectations.

“The AIF is a unique transaction platform where deals get done. It is Africa’s premier investment marketplace where the African Development Bank and its partners advance projects to bankable stages, raise capital and accelerate the closure of deals.”

According to Adesina, the 2018 and 2019 forums attracted about $80 billion in investment interest to Africa.

He cited the $600 million deal for Ghana cocoa pods signed during the 2019 edition as an example of how the investments so far have changed the face of Africa in many ways.

He revealed that the fund is already assisting Ghana in meeting its goal of increasing cocoa production by a million tonnes.

He also mentioned a $25 billion liquefied natural gas project in Mozambique that he said has taken off since the forum in 2018.

According to Adesina, this agreement will make Mozambique the world’s third-largest natural gas producer.

“The future is brighter today for Mozambique, thanks to the support provided by other African countries, in particular by Rwanda, South Africa and other countries in the southern Africa region,” he added.

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