The Chairman of the African Sovereign Investment Forum (ASIF), Mr Obaid Amrane, has estimated that Africa requires between $113 billion and $117 billion annually to fix the current infrastructure gap in the various countries of the continent.
Amrane, who made this funding projection at the 4th Annual Meeting of African Sovereign Investors Forum in Abuja, said that the current funding provisions by the countries totalled $18 billion yearly, representing a shortfall of almost $100 billion each year for the national governments to meet
According to him, bridging the infrastructure gap, or a part of it, will boost economic output, create value chains in agribusiness, pharmaceuticals, and digital services as well as accelerate Africa’s path towards inclusive prosperity.
The ASIF Chairman clarified: “This is precisely why we will promote and foster transformative investment, as well as those that create decent jobs today while preserving our resources for future generations. And this is perfectly aligned with the vision we agreed on in 2022, Rise Africa, for resilient, inclusive, sustainable, and clean North Africa.
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“Our unity these past three years and this gathering today sends a clear message. Africa’s sovereign capital is not only ready to fund its future, it is ready to shape it for the benefit of current and future generations.
“Let us, therefore, move forward together, transforming vision into execution, promise into prosperity, and capital into opportunity for every African. Together, we have unlimited potential to reshape the African investment landscape, make it more productive and more impactful.
“By doing so, we lay the foundation for a more stable and just tomorrow, and ensure that future generations inherit a continent that reflects our shared values and aspirations. Let us reflect on that in the coming days”, he added.
In addition, Amrane charged Africans to take their destiny into their own hands, especially in the maritime and energy sectors, among other many imperatives before the leaders in the continent to enhance regional integration.
He pointed out that this remained one of the many imperatives that come with the realities of the continent, adding that “it is not a choice, but a necessity to gain the scale required to attract long-term capital and catalyse development. Take, for instance, the Atlantic Front.
“This immense maritime corridor connecting 22 coastal states to Europe and to the Americas. With energy, infrastructure, fibre-optic backbones, modernised ports, green shipping lines, the Atlantic African space can evolve into a strategic economic highway carrying energy, data, goods, and ideas in every direction, unlocking the full potential of the continent and its people. The benefits of this transformation will be felt from Cape Town and across the rest of the continent.
“And I cannot stand before you here in Abuja, as a Moroccan, not to mention one of the most strategic projects of our continent that embodies the ambition, believe me, the Africa Atlantic Gas Pipeline, also known as the Nigeria-Morocco Gas Pipeline. Stretching over 6,000 kilometres along the Atlantic coast and onshore and spanning 18 countries, this project will transport Nigerian gas to Morocco and other countries and ultimately to Europe” the ASIF chairman stressed.
Speaking at the forum, Managing Director/Chief Executive Officer (CEO) of Nigerian Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, listed the main objectives of the forum as including catalysing economic impact on the one hand, and being conservative investors managing wealth for future generations.
He said secondly that the forum was organized to help in how all stakeholders can collectively co-create a sustainable investment vehicle that can mobilise global capital to channel towards propositions that offer as much emphasis on commercial returns as on social returns.
The investment expert further clarified: “Third, how we can position ourselves as the preferred financial and strategic partners of choice—with the right blend of domestic influence and capital for global investors seeking market exposure in our respective countries. We will do so through an excellent blend of keynotes, panel discussions, fireside chats, and in-depth knowledge sessions that touch upon areas such as sustainable infrastructure, wealth creation through agriculture, and climate finance.”
