Four African countries, Nigeria, Ghana, Côte d’Ivoire, and Senegal, have recently received significant investments totaling approximately $25 billion aimed at increasing industrial capacity in these beneficiary countries.
To that purpose, Ghana has inked a $12 billion agreement with the TCP-UIC Consortium to construct a petroleum hub, Côte d’Ivoire has received $10 billion from ENI for offshore oilfield development, and Nigeria has acquired a $3 billion Afrexim Bank facility to boost light manufacturing. Similarly, Senegal is advancing its industrial development program with a $75 million African Development Bank loan.
West African heads of state are prioritising industry as a key driver of economic transformation. The region’s tremendous natural resources, young labor, renewable energy potential, and expanding consumer market all give significant advantages. However, issues like as climate change, geopolitical tensions, and political uncertainty exist.
As a result, discussions about Africa’s industrial development are set to take center stage at the next West Africa Industrialisation, Manufacturing, and Trade (West Africa – IMT) Summit and Exhibition in May of this year.
Despite accounting for only 3% of global GDP and 2% of total manufacturing value added (UNIDO, 2024), resource-rich African countries are laying the groundwork for transformative growth through industrialization.
The summit, titled ‘Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,’ aims to bring together major industrial development stakeholders to create collaborations and chart routes for long-term progress.
