West Africa is on the cusp of a transformative industrial revolution as multi-billion dollar investments pour into the region, signaling a renewed focus on economic diversification and industrialization, Wemimo Oyelana, Country Director, Nigeria, and Portfolio Director, Africa at dmg events has disclosed.
Currently, Africa contributes just 3 percent to the global GDP and 2 percent to the world’s manufacturing value-add, according to the United Nations Industrial Development Organisation (UNIDO) 2024 report. Resource-rich nations in the region are capturing only 30 percent of their commodity value, leaving substantial room for growth through product valorization and export.
The past year has witnessed major investment milestones across West Africa. Ghana signed a $12 billion agreement with the TCP-UIC Consortium to establish a Petroleum Hub Project, which includes three refineries and five petrochemical plants. Côte d’Ivoire secured a $10 billion investment from ENI for the Baleine offshore oil field. Nigeria obtained a $3 billion facility from Afrexim Bank to develop an industrial park and promote light manufacturing. Senegal also received a $75 million loan from the African Development Bank Group to advance its Resource MobiliSation and Industrial Development Support Programme (PAMRDI-I).
To further accelerate industrialization, the inaugural West Africa Industrialisation, Manufacturing & Trade (West Africa IMT) Summit and Exhibition is set to take place in Lagos, Nigeria, from May 27–29, 2025. Themed “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,” the summit will bring together 2,500 attendees, including government officials, private sector leaders, and international investors from over 25 countries.
Wemimo Oyelana described the summit as a pivotal moment for the region:
“The West Africa IMT Summit is a landmark initiative dedicated to unlocking the full industrial potential of West Africa. By fostering critical discourse and facilitating business development, the summit aims to drive a sustainable industrial revolution that positions the region as a vital player in the global industrial ecosystem.”
West Africa boasts abundant natural resources, a young and dynamic workforce, renewable energy potential, and a growing middle-class consumer market. These factors, coupled with cost-competitive labor, position the region for industrial success. However, challenges such as climate change, geopolitical tensions, and political uncertainties persist.
The summit aims to address these challenges by promoting advanced technologies for clean energy systems and green industrialization. Such innovations could enable African nations to leapfrog into a more efficient and sustainable industrial era.
Over the three-day event, governments, private sector stakeholders, and international investors will collaborate to outline priorities and solutions for sustainable industrialization. The summit will feature: Leadership dialogues; Investment roundtables; CPD-accredited technical workshops, Oyelana said.
The accompanying exhibition will showcase major international and regional players across industries such as energy, manufacturing, technology, logistics, and finance. Networking opportunities will focus on deal-making and fostering partnerships.
The West Africa IMT Summit is designed to unite the global industrial ecosystem, encompassing sectors like aerospace, agriculture, automotive, chemicals, construction, ICT, pharmaceuticals, and more. It seeks to align with the visions of West African governments, which have declared industrialization a top priority.
With participation expected from over 15 African ministers, 70 expert speakers, and 500 conference delegates, the summit promises to be a turning point for the region’s industrial development.
The West Africa IMT Summit and Exhibition underscores the region’s readiness to harness its vast resources and build a sustainable industrial future. Through strategic partnerships and investments, West Africa is set to emerge as a key player in the global industrial landscape.
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