Nigerian billionaire Tony Elumelu and Sierra Leone’s President Julius Maada Bio are advancing efforts to unlock a $15 billion investment pipeline aimed at boosting infrastructure and economic development in West Africa. The initiative is part of preparations for the inaugural West Africa Integration and Investment Summit (WAIIS), which is scheduled to take place in Sierra Leone in November.
Elumelu, who is the chairman of Heirs Holdings and co-chair of WAIIS, recently hosted President Bio in Lagos to convene the first in-person meeting of the summit’s Private Sector Advisory Board. This gathering brought together prominent business and financial leaders to discuss various sectors, including energy, trade, industrialization, strategic minerals, agribusiness, and digital transformation.
During the meeting, Elumelu emphasized the importance of mobilizing both African and international capital to finance priority projects. Working alongside institutions such as the Africa Finance Corporation, Afreximbank, UBA, and Ecobank, he aims to channel investments into significant developments across the region.
The WAIIS initiative seeks to mobilize funding for over 10 countries, addressing critical gaps in infrastructure that currently hinder trade and economic integration. Elumelu aims to facilitate coordination among governments, development finance institutions, and private-sector lenders to address these challenges.
Kandeh Kolleh Yumkella, WAIIS special envoy, reported that from 170 project submissions, 26 projects worth over $10 billion have been selected for focus leading up to the summit. Yumkella indicated that the overall project pipeline could reach $15 billion or more by the time of the event, highlighting the initiative’s potential to drive significant investment into the region.
The summit aims to create a framework to transform regional development priorities into bankable projects, directing much-needed capital toward infrastructure and productive sectors across West Africa. Elumelu noted that the initiative was initiated by President Bio to accelerate capital mobilization in key sectors as the region works to overcome persistent infrastructure deficiencies.
The success of this initiative could play a critical role in addressing the economic challenges faced by West African nations, fostering greater cooperation and investment across borders.
