TheCable

Akinwumi Adesina, president of the Africa Development Bank (AfDB), says 45 deals, worth $32 billion were signed at the first ever Africa Investment Forum.

Speaking on the concluding panel of the Africa Investment Forum in Sandton, South Africa, Adesina said the deals surpassed his expectation for its first ever edition.

He said his major takeaway is that there is a rising confidence in the continent, and how it would develop.

“My main takeaway is that there is rising confidence in Africa being an investment destination,” Adesina said.

“My big takeaway also is that you have African investors that are actually putting their money on the continent.

“My main takeaway is that you have African Sovereign Wealth Funds, that are also putting some of their monies into Africa.

“We have sovereign wealth funds of Nigeria, Gabon, and Ghana, putting their money behind transactions, so that the sovereign wealth funds of Africa would not become sovereign wealth funds of others.

“It has to be sovereign for us. Charity begins at home.”

The former minister of agriculture in Nigeria said he is thankful for the confidence investors are investing in Africa, stating that the continent would not grow by aid, but by investment.

“Of course, as I said, we also had a closure of 45 deals for a total of $32 billion. That is incredible for a first forum to be held, the Africa Investment Forum,” Adesina added.

“I am thankful for the investors, for the confidence they had in Africa, Africa has grown up, Africa will not be developed by aid, it will be developed by investment.”

Many heads of state, presidents, Nigeria’s vice-president, CEOs, and multibillion investors attended the forum, holding boardroom meetings to sign landmark deals.

According to Zainab Ahmed, Nigeria’s minister of finance, the country came into the forum with a number of projects from the ERGP focus labs.

It is not immediately clear how much deals Nigeria was able to close at the forum.