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WEF attracts M703 bn investments to Africa

Abuja

The 2014 World Economic Forum (WEF) on Africa wrapped up Friday in the Nigerian capital, attracting investment worth more than US$68 billion (about M703 billion).
The funds are targeted at projects that would foster agriculture and improve infrastructure, education, skill development and information technology, among others, said WEF Managing Director Philipp Rosler.
They would continue to yield results in the next years, he added.
“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,” Rosler explained.
“Millions of people have now realized that Africa is important in global economy,” he said.
WEF’s Africa Director Elsie Kanza said a Nigerian company would invest about 16 billion dollars over the next four years, which will create 180,000 jobs. Another company will invest 1 billion dollars over the next 10 years and 20 000 jobs will be created.
A total of US$2 billion from donor agencies has been committed to improve electricity supply across Nigeria, and US$700 million to the immunisation programme, she said.
The three-day event, under the theme of “Forging Inclusive Growth, Creating Jobs,” was held for the first time in a West African country. Rosler said this year’s forum was one of the best planned in recent years.
More that 1 000 participants attended the forum, and “they come up with a common voice that they will never allow the terrorists and violence dictate our agenda and the people’s agenda for the continent,” Rosler said. –– Xinhua.

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