The African Union Development Agency (AUDA-NEPAD) has launched a continent-wide push to mobilise Africa’s own financial resources to close its $90 billion annual infrastructure deficit.
In a statement ahead of the Luanda Financing Summit scheduled for October 28–31, the agency urged African pension funds, sovereign wealth funds and diaspora bonds to take the lead in financing transformative projects across transport, energy, and digital sectors.
“Africa cannot build its future by depending solely on external capital.
“Mobilising African institutional investors is essential to both sovereignty and long-term resilience.” AUDA-NEPAD stressed.
The Luanda summit, hosted by Angolan President and current AU Chair João Lourenço, will gather African heads of state, institutional investors and global financiers to explore blended finance models, de-risking instruments and investment vehicles that will ensure African savings remain invested within the continent.
Flagship initiatives under the Programme for Infrastructure Development in Africa (PIDA), including the Lobito Corridor and cross-border energy interconnectors are expected to be presented as investment-ready opportunities.
Africa currently requires between $130bn and $170bn annually to meet its infrastructure needs but secures only about $80bn, leaving a significant financing gap.
AUDA-NEPAD, under the leadership of Nardos Bekele-Thomas, has stepped up engagement with African investors, including the newly formed Alliance of Multilateral African Financial Institutions launched in partnership with Afreximbank earlier this year.
The summit will feature participation from leading African businesses such as Dangote Group, Arab Contractors, MTN, Sonatrach, and Sonangol, alongside major financial institutions including Ecobank, UBA, Nedbank and the Commercial Bank of Ethiopia.
They will be joined by global partners such as the World Bank, IMF, and Blackstone Infrastructure Partners, as well as non-Western financiers like China Eximbank, the Saudi Fund, and Abu Dhabi Investment Authority.
Nigeria’s President Bola Tinubu, along with leaders from South Africa, Kenya, Egypt, Rwanda, and Ethiopia, are expected to attend.
Former Nigerien president Mahamadou Issoufou is also billed to participate in his role as AfCFTA “champion,” despite ongoing disputes surrounding the position.
Announcing the summit at the BRICS meeting in Brazil last July, President Lourenço emphasized its alignment with the Global South’s rising economic agenda and Africa’s determination to fund its own development.
