Tony Elumelu backs $15 billion investment pipeline for West African infrastructure

Nigerian billionaire Tony Elumelu is supporting a $15 billion investment plan aimed at funding crucial infrastructure projects across West Africa. This initiative aims to tackle the region's infrastructure deficit, which has been a longstanding issue. Elumelu, who also chairs the West Africa Integration and Investment Summit (WAIIS), revealed the plan in response to queries from Bloomberg.

The project will focus on energy, trade, industrialisation, strategic minerals, agriculture, and digital infrastructure, areas deemed vital for West Africa's economic growth. Over 170 proposals were received from across the region, and after rigorous evaluation, 26 projects from over 10 countries were chosen. These projects will be presented to potential investors, including United Bank for Africa (UBA), Afreximbank, Africa Finance Corporation (AFC), and Africa50, ahead of the inaugural summit in Sierra Leone in November.

Kandeh Kolleh Yumkella, the Special Envoy for the event, confirmed that the summit will bring together governments, investors, and development finance institutions to boost financing for key regional projects. The push for regional infrastructure investment in West Africa is gaining momentum, with countries pursuing cross-border projects to enhance connectivity, energy security, and economic integration.

The Nigeria-Morocco Gas Pipeline, valued at $25 billion, is one of the most notable projects, currently under development with ECOWAS backing. The pipeline will carry natural gas from Nigeria through West African nations to Morocco, eventually linking to European energy markets. Elumelu's commitment to Nigerian investments, particularly in the energy and financial services sectors, has seen his portfolio value surge by 39.3% in the last quarter.