Africa Investment Forum (AIF) 2024 has secured $7.6 billion in investment interest for Nigeria, a significant milestone for the nation’s economic growth. This was disclosed by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), in a tweet following the conclusion of the event.

“I am delighted the Africa Investment Forum 2024 mobilized $7.6 billion of investment interest for Nigeria. It was great to have several State Governors: Lagos, Kaduna, Katsina, Kwara, and Plateau, and (later) Ogun. We will keep working to support & boost investments to Nigeria,” Dr. Adesina said.

Event Highlights
Held from December 4 to 6, 2024, in Rabat, Morocco, the Africa Investment Forum Market Days brought together key stakeholders under the theme, “Leveraging Innovative Partnerships for Scale.” The forum underscored its dedication to driving transformative investments across Africa through strategic collaborations.

Nigeria emerged as one of the event’s major highlights, with state governors from Lagos, Kaduna, Katsina, Kwara, Plateau, and Ogun States showcasing investment-ready projects to a global audience of investors. Their active participation reflected Nigeria’s commitment to attracting substantial international investments to address critical sectors, including infrastructure, energy, agriculture, and technology.

Accelerating Africa’s Economic Transformation
Since its inception in 2018, the Africa Investment Forum has established itself as a premier platform for mobilizing investments to propel Africa’s economic transformation. Its flagship event, the Market Days, connects project sponsors, government leaders, and investors, facilitating seamless deal closures.

The event’s curated boardroom sessions streamline the investment process, matching viable projects with capital from commercial banks, institutional investors, and development partners. This approach ensures direct negotiations and accelerates deal-making.

The $7.6 billion investment interest secured for Nigeria underscores the forum’s effectiveness and the growing confidence in the country’s economic potential.

Innovative Partnerships Driving Impact
The 2024 theme, “Leveraging Innovative Partnerships for Scale,” highlighted the importance of collaboration in fostering sustainable growth. The AIF continues to champion innovative financial models and strategic partnerships to address Africa’s most pressing development challenges.

Dr. Adesina reiterated the AfDB’s unwavering commitment to supporting Nigeria and other African nations in unlocking their investment potential. “We remain focused on driving investments that create jobs, reduce poverty, and foster sustainable development,” he noted.

A Vision for Africa’s Future
During his speech at the event, Dr. Adesina reflected on the forum’s broader mission. “As we all gathered here in Rabat, we joined our hands and hearts, with determination to drive investments into Africa, to accelerate its growth, to move forward successful projects with continuity, and to forge new alliances for stability and resilience of the economies of Africa. We came here to this historic royal city of splendor, Rabat, a World Heritage Site, to make history,” he said.

Beyond Nigeria, the forum achieved a broader success, attracting $29.2 billion in investment interest across various projects. This achievement reinforces the AIF’s role as a catalyst for transformative development across the continent.

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Nigerian stock market, tracked by the All-Share Index (ASI), concluded the trading day on January 9, 2025, with a significant milestone. The ASI gained 1,300.01 points, closing at an all-time high of 105,530.74.

Breaking the 105,000 Barrier

This robust performance not only broke through the 105,000-point barrier but also marked a 1.25% increase from the previous day’s close of 104,230.73. The index dismantled the resistance level of 104,562, which had held firm since March 2024.

Decline in Trading Volume

Despite the bullish price action, trading volume experienced a sharp decline of 23.4%. The number of shares exchanged dropped from 639 million to 489 million, reflecting reduced market participation.

Surge in Market Capitalization

Market capitalization climbed to N64.3 trillion, a significant increase from the previous session’s N63.5 trillion. This was fueled by rising stock prices across 13,010 transactions.

Top Performers

MTNN and HONYFLOUR led the gainers with impressive increases of 10.00% and 9.89%, respectively. These performances underscored growing investor confidence in these nigerian stocks.

Top 5 Gainers:

• MTNN: Up 10.00% to N242.00
• HONYFLOUR: Up 9.89% to N9.11
• UNIVINSURE: Up 9.86% to N0.78
• TRANSCOHOT: Up 9.78% to N127.35
• IKEJAHOTEL: Up 9.31% to N13.50

Notable Decliners

On the flip side, RTBRISCOE recorded the steepest decline, dropping 10.00%, followed closely by SUNUASSUR with a 9.99% decrease.

Top 5 Losers:

• RTBRISCOE: Down 10.00% to N2.34
• SUNUASSUR: Down 9.99% to N8.11
• TIP: Down 9.68% to N2.52
• UPDC: Down 9.50% to N1.81
• GUINEAINS: Down 8.08% to N0.91

Market Activity Highlights

Trading Volume

Market trading volume declined to 489 million shares, a drop of 23.4% from the previous session. Key highlights include:

• UNIVINSURE: 97.2 million shares traded
• AIICO: 54.2 million shares
• SOVRENINS: 24.9 million shares
• FBNH: 16.2 million shares
• GUINEAINS: 14.6 million shares

Trading Value

In terms of trading value, SEPLAT dominated with transactions totaling N4.5 billion. Other significant contributors included:

• MTNN: N1.1 billion
• PRESCO: N673.6 million
• TRANSCORP: N643.5 million
• ARADEL: N638.8 million

SWOOT and FUGAZ Stocks Performance

SWOOT Stocks

MTNN led the SWOOT category with a remarkable 10% surge.

FUGAZ Stocks

The FUGAZ stocks—FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK—had mixed outcomes:

• ZENITHBANK: Up 4.49%
• ACCESSCORP: Up 0.82%
• UBA: Up 0.59%
• FBNH: Down 1.27%
• GTCO: Unchanged

Market Outlook

The All-Share Index has surpassed the 105,000-point mark, reflecting strong bullish sentiment despite the drop in trading volume. With sustained momentum in mid- and large-cap stocks, the index appears poised to challenge the 106,000-point barrier in the coming sessions.

Market Summary

• Current ASI: 105,530.74 points
• Previous ASI: 104,230.73 points
• Day Change: +1.25%
• Year-to-Date Performance: +2.53%
• Volume Traded: 489 million shares
• Market Cap: N64.3 trillion

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