The Africa Investment Forum 2023, held in Marrakesh, Morocco brought together industry leaders and financial institutions from various African countries to advance projects throughout Africa to bankable stages, raise capital, and accelerate the financial closure of deals.

As the event has come to an end, we’re taking a look at the real estate-relevant projects that were presented for investment.

 

The Abidjan-Lagos Highway Corridor That Raised $15.5 Billion at the Forum

 

According to the director of the Africa Development Bank(AfDB), the Abidjan-Lagos Highway project raised $15.5 billion at the forum. The transformation of the Abidjan-Lagos Highway Corridor into a 6-Lane Dual-Carriage Multinational Highway was proposed by the ECOWAS Heads of State and Government in Abuja, Nigeria on 18th July, 2013 to improve connectivity between 5 ECOWAS-member states (Côte d’Ivoire, Ghana, Benin, Togo, and Nigeria) and catalyze economic growth.

 

In 2019, The Africa Development Bank approved a financing package of US$12.6 million to finance part of the study for the project and mobilized a Euro 9.1 million grant from the EU Commission, bringing previous funding for the project to US$22.7 million.

 

Source: Migrant Journeys

 

The 1,088km highway connects some of the largest and most economically dynamic cities in Africa, namely: Abidjan, Accra, Cotonou, Lomé and Lagos. The Lagos-Nigeria portion of the highway will pass through the Seme border, Agbara, Iyana Era, Okokomaiko, Mile2, and Eric Moore.

 

Historically, infrastructure projects, such as roads that boost connectivity have been shown to positively influence real estate development where situated, which we expect for the areas highlighted above. A good example is the 149% rise  in land price of the Epe area in the last 5 years as projects such as the Lekki deep seaport, the Lekki free trade zone and the Dangote refinery are proposed and delivered.

 

Governor Babajide Sanwo-Olu sought $100billion funding for the development of key projects such as the Lagos Film City and Fourth Mainland Bridge

 

At the AIF, the current Lagos State Governor, Babajide Sanwo-Olu sought $100billion in funding from investors to execute key infrastructure and real estate projects within Lagos State. Details of the projects include:

1. The Lagos film city
2. The Fourth Mainland Bridge
3. The second phase of the Blue Line Rail
4. Lekki Deep Seaport
5. Lekki Airport

 

The Governor mentioned being successful in securing investor interest in these projects, however, the specific amount raised during the event to execute the projects wasn’t shared. 

 

As detailed in previous notes the Lekki deep seaport was commissioned in October 2022 and has begun operations. However, additional funding is needed for its completion. In addition, the groundbreaking for the 100-hectares Lagos film city, which is a joint venture between the Lagos States Government and Del-York International Group, occurred last month.

 

Estate Intel loves your feedback! Let the Insights team know what you think about the real estate projects funded at the Africa Investment Forum, by emailing [email protected].

 

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