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Africa Requires $700b Yearly to Finance Development Needs

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By Dipo Olowookere

Financing Africa’s development needs will require an estimated $600-700 billion per annum and according to the African Development Bank’s (AfDB) African Economic Outlook 2018, of this, about $130-170 billion a year in infrastructure will be needed.

It is estimated that by 2050, just 32 short years from now, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined.

To address these challenges, the African Development Bank has launched the Africa Investment Forum, a platform to mobilize private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.

The Premier of Gauteng Province, Africa’s seventh largest economy, David Makhura, endorsed the Forum as a game changer for financing Africa’s infrastructure development at the launch of the African Investment Forum in Johannesburg.

“It’s an honour to receive a vote of confidence from one of the most influential, respected and credible institutions of our continent. I want to assure the African Development Bank, and members of the African and global investor community that we are ready to host a highly successful Africa Investment Forum in November. We have an impeccable track record of hosting continental and global events of the magnitude and significance represented by the Africa Investment Forum,” Makhura said at the formal launch of the Forum.

The Bank and the Government of Gauteng Province recently signed a memorandum of agreement to host the inaugural edition of the Africa Investment Forum from November 7 to 9, 2018 in Johannesburg, South Africa.

Makhura referred to the Africa Investment Forum as more than a Davos of Africa, stating that “we as the Gauteng Provincial Government are very pleased to have won the bid to host this biggest and unparalleled investment platform on the African continent. It’s a great platform that will translate Africa’s professed potentials into real opportunities and progress.”

He added, “The November Inaugural Africa Investment Forum fits very well with the investment drive of President Ramaphosa and will be one of the most important platforms for our government and local businesses to pitch for greater levels of investment. Gauteng-based investment companies have already invested more than $30 billion in different regions of Africa. We have a 15-year infrastructure masterplan with a portfolio of bankable projects that require more than $150 billion over 10 years.”

While Africa is the next investment frontier, there is an urgent need to bridge the gap between available capital and bankable projects, said African Development Bank President Akinwumi Adesina, noting the Africa Investment Forum will help make Africa a place where its young people want to live and thrive in.

“The overall Investment gap for Africa to achieve overall economic development is actually much higher and stands at $200 billion to $1.2 trillion a year. Impediments to bankable projects must be resolved to create win-wins for governments, development finance institutions and other relevant stakeholders. Africa must invest in its own development if it wants others to do so,” he said.

“This is the essential reason for the new approach of the Africa Investment Forum, a multi-stakeholder, multi-disciplinary platform that will incentivize collaboration for the economic and social development of Africa. This will primarily be about transactions and investment deals for Africa’s economic development and not a talk shop.”

Adesina noted that financing Africa’s development is and has always been a collective and cooperative task, requiring broad-based partnerships with the private sector.

“We know that the money is there. By 2020, there will be close to $111 trillion assets under management globally that are invested around the world often at very low interest rates. Within Africa, the assets under management of domestic institutional investors will rise to $1.8 trillion by 2020, tripling from $634 billion in 2014. Most of this money isn’t invested in Africa. But Africa should invest in its own development if it wants others to do so.”

Key industry leaders have endorsed the Forum as a unique opportunity for the private sector to invest in transformative projects across key sectors of strategic interest in Africa.

Investor Relations and Communication Executive at Harith General Partners, Pule Molebeledi, described the investment guarantee component of the AIF as a game changer.

“This will be a major catalyst for projects that are currently stuck in the pipeline,” he said.

The African Development Bank is committed to working with other multi-lateral development partners, private equity funds, sovereign wealth funds, insurance funds, private sector and stakeholders to ensure that the Africa Investment Forum becomes Africa’s key springboard for African investment and for meeting the continent’s massive infrastructure and development needs. This is the first time ever that several multilateral development banks will come together on a single platform designed to bring a major pipeline of bankable projects to completion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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UK Strengthens Ties With Kano, Jigawa on Sustainable Development

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UK Kano Jigawa

By Adedapo Adesanya

The United Kingdom has reaffirmed its development partnership with Kano and Jigawa States, as part of its long-term commitment to development and reform in northern Nigeria.

The Head of Development Cooperation at the British High Commission Abuja, Ms Cynthia Rowe, recently completed high-level engagements with governors of both states as well as senior government officials and civil society leaders.

The discussions underscored the UK’s modern approach to development as a genuine partnership with Nigeria, which prioritises state-led ownership and sustainable development that delivers lasting impact through strengthening systems and partnerships grounded in investment, trade, climate financing, technical expertise and joint accountability.

According to a statement, the Foreign Commonwealth and Development Office, via the British High Commission, said Nigeria remains one of the UK’s most significant development partners, adding that the engagements underlined the strength and ambition of the bilateral relationship reaffirmed during the recent UK-Nigeria State Visit.

In Kano, Ms Rowe met with Deputy Governor Alhaji Murtala Sule Garo and senior officials, including the newly confirmed Head of Civil Service and Secretary to the State Government. The visit recognised Kano’s progress on climate finance, health system reform and private sector investment supported through UK technical assistance.

In Jigawa, she met with Governor Umar Namadi and heads of key ministries, departments and agencies. The meeting celebrated more than 25 years of UK-Jigawa partnership, one of the most longstanding bilateral development relationships at the subnational level in Nigeria. Discussions covered the state’s continued progress on health systems reform, agriculture, and governance and the path forward under UK technical assistance.

Since 2022, PLANE has supported Kano, Kaduna and Jigawa to strengthen state-led education delivery systems, working through Ministries of Education, SUBEB and key agencies. Its RANA+ foundational learning packages have reached 1.4 million pupils across the three states, alongside wider system strengthening.

Speaking on this, Ms Rowe said, “For more than 25 years, we have worked side by side with state governments, including Jigawa and Kano states, their communities, and civil society to build stronger health systems, improve learning outcomes for millions of children, support farmers to grow their businesses, and help states attract the investment they need to thrive.

These visits have reinforced our confidence in what this partnership can achieve. We are working together to deliver lasting change, and deepening a relationship built on genuine mutual respect and shared ambition for Nigeria’s growth and development.”

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CBN Partners NiMet to Integrate Climate Data Into Economic Planning

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CBN Ways and Means

By Adedapo Adesanya

The Nigerian Meteorological Agency (NiMet) has signed a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) on data sharing to enhance economic productivity.

This was done at a meeting at CBN Head Office in Abuja, where the weather body led by its Director General, Mr Charles Anosike, on Wednesday, highlighted the importance of integrating weather and climate data into economic research, especially in sectors such as agriculture, energy, and transportation.

He noted that extreme weather events can reduce agricultural productivity and threaten food security.

He added that the collaboration aligns with the Renewed Hope Agenda of President Bola Tinubu, which prioritises food security through major agricultural investment, including the cultivation of 10 million hectares of land and the distribution of mechanised equipment.

Mr Anosike cited a 2026 World Bank report that showed that extreme weather driven by climate change is significantly affecting global food security, with more than 87 million people facing hunger in East and Southern Africa and 52 million in West and Central Africa.

He also referenced the latest Berkeley Earth Report, which projects that 2026 is likely to be the fourth warmest year on record, a trend that continues to shape agricultural and energy market projections.

In his remarks, Mr Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate of the CBN, said the signing of the MoU marked an important step in strengthening the partnership between two key national institutions whose mandates intersect in data, research, and policy support.

He emphasised that, in an increasingly complex and dynamic economic environment, timely and reliable data remain essential for effective policy decisions.

According to him, the Economic Policy Directorate relies heavily on timely and credible statistical information from NiMet, saying that such data are critical for inflation monitoring, agricultural sector assessment, and broader economic policy advisory functions.

He described the initiative as both timely and important, adding that strong institutional partnerships are essential for strengthening evidence-based policymaking and improving the robustness of national data systems.

At the close of the event, Mr Anosike and Mr Sani Abdullahi signed the MoU on behalf of their respective institutions.

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POS Operators Barred Within 200 Metres of Police Stations

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IGP Tunji Disu

By Adedapo Adesanya

The Inspector-General of Police (IGP), Mr Tunji Disu, has ordered an immediate nationwide ban prohibiting Point-of-Sale (POS) operators from running their businesses within a 200-metre radius of any police station, divisional headquarters, or police formation across Nigeria.

This directive, released via an internal police wireless message, addresses critical systemic challenges regarding extortion and corrupt financial practices within law enforcement facilities.

The order is to be strictly enforced nationwide, with senior officers overseeing various formations to be held accountable for any breach of the directive.

The Nigeria Police Force stated that the measure is intended to strengthen transparency, accountability, and public confidence in the policing system.

The decision comes after an alarming proliferation of POS businesses near police facilities, with investigations and public complaints revealing that some operators were actively complicit in facilitating extortion, bribery, and illegal cash transfers forced upon civilians or suspects during police encounters.

Under the directive, Assistant Inspectors-General of Police (AIGs), State Commissioners of Police (CPs), and heads of formations will be held vicariously liable for any breach within their jurisdictions.

The IGP’s order states: “Any officer or POS merchant found flouting the 200-metre operational boundary or colluding in illicit transactions will face immediate disciplinary and criminal actions under extant laws.

“If you are a POS agent or looking into regulatory compliance for financial services in Nigeria, let me know. I can provide details on current Central Bank of Nigeria (CBN) radius registration guidelines or share methods to report officer misconduct directly to the Force Headquarters.”

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