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Africa’s contribution to the global GDP 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 10x the original value. However, international investors continue to review opportunities within the region.
Over the last 12 months, Ghana signed a landmark US$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 US$10 billion to develop the Baleine field offshore Côte d’Ivoire.
In the June 2024, the Federal Government of Nigeria secured a US$3 billion facility from Afrexim Bank to build an industrial park and invest in light manufacturing. Also, the African Development Bank Group approved a US$75 million loan to support the implementation of Resource Mobilization 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 – 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 industrialization ecosystem to collaborate and chart the pathway towards 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 industrialization 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 labor 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.
By fostering the discourse that is critical to developing the industrialization 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.
Over the three event days, Governments will meet with the private sector and international investors to outline priorities for a sustainable industrialization 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, including, manufacturing, energy, finance, technology, logistics, raw materials and security. Deal marking and collaboration will be at the heart of the networking opportunities.
Source: bftonline.com / Picture Credit :Businessday NG
