$4Trn in Untapped Capital Wasting in Africa — AFC

By Esther Ososanya

Africa holds over $4 trillion in untapped domestic capital, much of which lies idle while the continent battles a massive infrastructure deficit, according to Mr. Samaila Zubairu, President and CEO of the Africa Finance Corporation (AFC).

“The Capital is Here, But It’s Not Being Deployed”

Speaking under the theme “Powering Development with Own Capital: A Call to Action to African and Caribbean Multilateral Financial Institutions,” Zubairu emphasized that Africa does not suffer from a lack of capital but from an inability to deploy it.

“The capital is here in Africa, but it is not being deployed,” he said. “We must restructure our financial systems and undertake serious reforms. With the right regulatory frameworks and investment vehicles, we can finance our own future.”

He revealed that beyond the $4 trillion in domestic capital, an additional $1.1 trillion exists in the non bank financial sector, including pension funds, insurance, and sovereign wealth funds. These funds, he said, can be unlocked through targeted reforms and stronger financial intermediation.

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Foreign Aid Can’t Build Africa — We Must Lead

Zubairu made a compelling argument that Africa’s future lies in its own hands, not in donor tables or international lenders.

“What we need is not more capital from abroad, but the ability to invest the capital we already have in sectors that can drive growth, create jobs, and build resilience,” he asserted.

He pointed to Nigeria’s InfraCredit model as a practical example of how de-risking local capital through innovative frameworks can stimulate sustainable infrastructure investment.

Weak Intermediation, Offshore Investments Holding Africa Back

Despite a maturing financial ecosystem and institutional wealth across the continent, Zubairu decried that most of Africa’s capital is either invested offshore or lies dormant, due to policy inconsistency, low investor confidence, and weak financial structures.

“This must change,” he stressed. “Unlocking this capital is essential to meeting Africa’s job creation and industrialisation goals.”

He warned that without bold reforms, the continent would remain vulnerable to external shocks, aid fatigue, and limited economic resilience.

Governments Urged to Partner Private Sector

The AFC boss called for African governments to introduce robust regulatory incentives and risk-sharing mechanisms to redirect domestic capital into high-impact sectors such as power, ports, healthcare, roads, and industrialisation.

“Governments must work closely with the private sector to introduce strong regulatory incentives and risk-sharing mechanisms that will drive capital into high-impact sectors,” he said.

He added that unlocking domestic capital requires more than policy it demands vision, courage, and cross-sector collaboration.

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“We Don’t Have a Capital Shortage” — Zubairu

Closing his remarks, Zubairu stressed that the narrative of Africa needing external rescue is outdated.

“We don’t have a capital shortage; we have a deployment problem,” he declared. “With courage, clarity, and collaboration, we can unlock Africa’s financial power and build the future we deserve.”

Private Sector Must Step Up — Ekpe

Also speaking on the panel, Mr. Arnold Ekpe, Chairman of BCA and former Group CEO of Ecobank, echoed the call for African-owned solutions.

“Over the last 40 years, many efforts have failed to yield tangible results. We need concrete action,” Ekpe stated. “If Aliko Dangote had waited like everyone else, we wouldn’t have the Dangote Refinery and Petrochemical Complex today.”

He urged the private sector to act with urgency and not wait on government alone, stressing that Africa’s transformation requires bold, independent steps.