Nigeria records 133 investment commitments in 3 projects — World Bank

The World Bank yesterday said Nigeria recorded 133 private sector investment commitments in three projects in 2023.

The World Bank disclosed this in its Private Participation in Infrastructure (PPI) 2023 annual report.

The report stated: “In 2023, Sub-Saharan Africa, SSA saw investments in 66 projects totaling $3.5 billion.

“This marked a 24 percent decrease from the investment levels of the previous year and a 46 percent decrease from the past five-year average.

“The largest contributor to the region’s PPI was South Africa, responsible for 30 percent of the regional PPI, followed by Senegal and Tanzania.

“The sector receiving the largest share of PPI was energy, followed by the Information Communication Technology (ICT) sector.

“The Africa Western and Central (AFW) region reported investment commitments of $1.2 billion across 21 projects in 2023. “In the region, Senegal reported the highest level of investment commitments, accounting for almost 27 percent of the total investment commitments in the region, with five projects worth $316 million.

“Notably, four out of these five projects were in the energy sector.

“Other countries reporting investment commitments in the region include Guinea, Cape Verde, Ghana, Nigeria, Côte d’Ivoire, Cameroon, Chad, Guinea-Bissau, Benin, Gabon, and Sierra Leone.

“The largest project in the region was the expansion of the Orange Guinea Conakry (OGC) and OFMG network (an ICT project) in Guinea at $227.4 million.”