Nigeria, three others accounted majority of $19bn private sector investment in Africa

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Nigeria, South Africa, Kenya Ghana accounted majority of $19bn private sector invedtment in Africa


By Favour Nnabugwu

The African Development Bank (AfDB), said private sector investment in Africa’s infrastructure in 2020 was 19 billion dollars, the highest since 2016.
The majority of the investment came from Nigeria and three other countries. The others are South Africa, Kenya and Ghana
Chief Executive Officer of the AfDB Association, Vivek Mittal, who moderated the discussion. said that four African countries accounted for the majority of private sector investment interest over the past two years.
Mittal mentioned the countries as Nigeria, Kenya, South Africa and Ghana.
AfDB Vice President for the Private Sector, Mr Solomon Quaynor,  Infrastructure and Industrialisation said this at a webinar organised by the bank and the Japan International Cooperation Agency (JICA).
This is according to a statement issued by the Communication and External Relations Department of the bank.
The online event was held in the run-up to the eighth Tokyo International Conference on African Development (TICAD) expected to take place in Tunisia from Aug. 27 Aug. to 28.
The theme of the event was: “Private Sector Infrastructure Development Opportunities in Africa”.
The vice president said the greater private sector investment came as most African governments contended with the COVID-19 pandemic, limited fiscal space and high debt-to-Gross Domestic.
“This counter-cyclical role played by the private sector shows the importance of its growing role in infrastructure financing in Africa,” he said.
Also speaking, the Senior Vice President of JICA, Keichiro Nakazawa, said the discussion would focus on growth prospects for African countries and the role of the private sector in providing high-quality, sustainable infrastructure.
The panelists were Rami Ghandour from Metito, Tshepidi Moremong from Africa 50, Vuyo Hlompho Ntoi from African Infrastructure Investment Managers, and Yoshio Kushiya from Sumitomo Corporation. They were joined by representatives of leading development finance institutions, JICA’s Shohei Hara, Mike Salawou from the AfDB, and Sue Barrett, the Director, European Bank for Reconstruction and Development.

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