In a historic move to boost industrialisation across West Africa, Nigeria, Ghana, Côte d’Ivoire, and Senegal have successfully secured landmark investments amounting to $25 billion. These investments are set to significantly advance the industrial capabilities of each nation, addressing various strategic development projects across the region.
Ghana has signed a $12 billion deal with the TCP-UIC Consortium for the establishment of a petroleum hub, bolstering the country’s energy sector. Côte d’Ivoire has attracted $10 billion from ENI to develop offshore oilfields, significantly strengthening its oil and gas industry. Nigeria has secured a $3 billion facility from Afrexim Bank aimed at enhancing its light manufacturing sector. Senegal, on the other hand, is advancing its industrialisation programme with a $75 million loan from the African Development Bank (AfDB).
These landmark agreements reflect the strong commitment of West African nations to prioritise industrialisation as a key driver of economic transformation. The region’s natural resources, youthful workforce, renewable energy potential, and growing consumer market offer promising opportunities. However, challenges such as climate change, geopolitical tensions, and political instability remain obstacles that could complicate the industrialisation journey.
To further accelerate this agenda, the West Africa Industrialisation, Manufacturing & Trade (West Africa – IMT) Summit and Exhibition, scheduled for May 2025, is set to take centre stage. The summit aims to bring together key stakeholders from the government, private sectors, and international investors to discuss collaboration and opportunities for industrial growth.
Despite Africa contributing only three per cent to global GDP and two per cent of the world’s manufacturing value-add, as per UNIDO 2024, resource-rich African nations are laying the foundation for transformative industrial growth. The summit, themed ‘Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,’ will focus on fostering partnerships and identifying sustainable growth pathways for the region.
Wemimo Oyelana, Country Director of Nigeria & Portfolio Director for Africa at DMG Events, emphasized the importance of the initiative, stating, “This landmark initiative is dedicated to unlocking West Africa’s full industrial potential. By fostering discourse and collaboration, the West Africa IMT Summit will be central to driving transformative progress and positioning the region as a global industrial leader.”
The summit is expected to host over 2,500 attendees from 25 countries, including government officials, private sector leaders, and international investors. Key event features will include leadership dialogues, investment roundtables, CPD-accredited workshops, and an exhibition showcasing cutting-edge innovations in manufacturing, energy, technology, logistics, and more.
In addition to addressing investment challenges, the summit aims to align government and private sector efforts, creating new opportunities for regional and international collaborations that will accelerate industrial growth in West Africa. Through initiatives like the West Africa IMT Summit, Africa is positioning itself to lead a globally competitive, sustainable industrial revolution.
