9 May 2014

Nigeria: WEF - Nigeria, Other African Countries Get N11.2 Trillion Commitment On Fresh Investments

Photo: World Economic Forum / Benedikt von Loebell
Africa Rising Discussion at the World Economic Forum on Africa in Abuja, Nigeria 2014.

Nigeria and other African countries on Friday received commitment from various foreign investors for fresh investments totalling about $68 billion (N11.22 trillion).

The Managing Director, World Economic Forum for Africa, WEFA, Phillip Rosler, said during the closing plenary of the meeting that the investment commitment was secured in various sectors of the African economy.

Mr. Rosler said the money would be invested in key sectors of the African economies, including education, health, infrastructure, and agriculture.

Describing Nigeria's hosting of the three-day event as one of the most successful in the history of the organisation, Mr. Rosler noted that despite the security challenges in the country, the event recorded impressive turnout.

The theme of the meeting attended by over 1500 delegates from 80 countries was 'Forging inclusive Growth, Creating Jobs'.

For instance, he said within the duration of the Forum, about 48,000 articles were written on it, pointing out that the figure was three times higher than what was reported in the last edition.

"It was a very successful World Economic Forum on Africa. We have more than 48,000 articles from these three days in Nigeria in comparison to last year, which was 16,000. This is more than three times higher than last year. This is a proof that Africa is very important to the people of the world," he said.

He said the aspiration of the organizers is not only to create a future of interest, but also a commitment to improve the state of Africa.

The computation of all the financial commitments, he said, came to about $68 billion in the next few years.

The WEF boss explained that through the international event, the Nigerian Government had been able to secure huge solidarity around the world in its fight against terrorism, adding that the global community "will not allow the terrorists to dictate the African agenda," which, he said, is the real message from the WEF to the world.

Mr. Rosler restated the commitment of WEF and other international stakeholders' to the development of the African economies, pledging that they "will make sure that all these projects are successful in Africa."

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