Multibillion-dollar investment signals new era of industrial transformation for West Africa
5 min read
Africa’s contribution to the global gross domestic product currently stands at 3%, contributing only 2% to the world’s manufacturing value add (UNIDO 2024). Resource-rich nations with economies based on the export of commodities are only able to capture a maximum of 30% of its value. A strategic shift toward product valorisation and export could generate returns exceeding 10 times the original value.
However, international investors continue to review opportunities within the region:
Over the last 12 months, the Government of Ghana signed a landmark $12-billion agreement with the TCP-UIC Consortium for the development of the Petroleum Hub Project, featuring three refineries and five petrochemical plants.
ENI pledged $10 billion to develop the Baleine field offshore Côte d’Ivoire.
In June 2024, the Federal Government of Nigeria secured a $3-billion facility from Afreximbank to build an industrial park and invest in light manufacturing.
The African Development Bank Group approved a $75-million loan to support the implementation of Resource Mobilisation and Industrial Development Support Programme (PAMRDI-I) in Senegal.
The highly anticipated West Africa Industrialisation, Manufacturing & Trade (West Africa IMT) Summit and Exhibition is scheduled to take place in Lagos, Nigeria from 27 to 29 May 2025. The landmark edition aims to support the acceleration of industrial development within West Africa by convening key decision-makers from across the entire industrialisation ecosystem to collaborate and chart the pathway toward a sustainable and intra-African industrial revolution.
Themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity”, the event will convene market leaders from around to globe to spark innovative discourse on developing partnerships to leverage the resources endowments of African nations and the technological solutions of the developed nations.
Heads of state across West Africa have set industrialisation as the key priority, acknowledging it as the central catalyst for economic transformation and an avenue to take advantage of its abundance in natural resources including raw materials and human capital.
With abundant natural resources, a young workforce, renewable energy potential, arable land, a growing middle-class consumer market and a cost-competitive labour force, Africa has many of the key ingredients for industrial success. However, the region continues to grapple with the impact of climate change on agriculture, geopolitical tensions driving up energy and food prices, and political uncertainties.
Through effective reforms and the right policy measures, nations within the region are set to attract investors and create an enabling environment for business to thrive. The potential utilisation of advanced technologies for cleaner energy systems and green industrialisation could see African nations leapfrogging for a more rapid and efficient industrial revolution.
West Africa IMT is a landmark initiative dedicated to unlocking West Africa’s full industrial potential. By fostering the discourse that is critical to developing the industrialisation and trade strategies for the region, and bringing companies together to drive business development efforts, West Africa IMT will be at the heart of supporting regional and international government and private sector stakeholders to spearhead a sustainable industrial revolution.
“At dmg, we have a commitment to creating platforms that bring industry stakeholders together to move the market and drive transformative progress. Through our partnerships, we aim to drive economic prosperity for the entire region and establish West Africa as a vital player in the global industrial ecosystem,” says Wemimo Oyelana, country director: Nigeria & portfolio director for Africa.
Over the three event days, governments will meet with the private sector and international investors to outline priorities for a sustainable industrialisation journey. The event is expected to attract 2 500 attendees from over 25 countries, making it the first of its kind within the region.
The large-scale exhibition will showcase major international and regional players in sectors including manufacturing, energy, finance, technology, logistics, raw materials and security. Deal-making and collaboration will be at the heart of the networking opportunities.
The summit will align with the agenda of governments and private sector players to devise solutions to the barriers inhibiting the development of industries, while showcasing the opportunities for regional and international collaboration and trade.
The Strategic Summit will also feature leadership dialogues, investment roundtables and a series of CPD-accredited technical workshops.
Image credit: serhii_bobyk/Freepik
