The International Monetary Fund (IMF) has urged African countries to strengthen macroeconomic stability, raise productivity and improve data transparency if the continent is to attract a larger share of global investment needed to finance its development ambitions.

Speaking during a panel at the ongoing ASIS 2026 Summit in Lagos, the Alternate Executive Director for Nigeria at the IMF, Afolabi Olowookere, said Africa remains underrepresented in global capital flows despite its vast opportunities.

He noted that while Africa accounts for nearly 20 per cent of the world’s population, it attracts less than five per cent of global foreign investment, largely because of its relatively small share of global economic output and structural challenges.

“If we must do a lot about attracting capital, we must also do a lot in terms of expanding our productivity, increasing growth rates and having a relatively more stable economic environment,” Olowookere said.

He added that improving data availability and disclosure across the continent would also help investors make informed decisions, especially as artificial intelligence becomes more important in investment analysis.

“There is a lot of capital around the world looking for where to go. It is for the continent to make itself attractive enough and also mobilise more domestic capital, because that can attract even more investment,” he said.

On financing development, Olowookere stressed that governments must strengthen domestic revenue mobilisation, noting that many African countries still generate less than 10 per cent of gross domestic product (GDP) in revenue.

According to him, raising revenue above 15 per cent of GDP would give governments more resources to provide healthcare, education and social safety nets, while reducing reliance on borrowing and freeing more private capital for businesses.

He added that financing Africa’s development would require contributions from governments, domestic investors, international financiers and philanthropic organisations.

Associate Director, Investing in West Africa at Acumen Fund, Bowofade Elegbede, described Africa’s investment gap as a demand and supply problem, saying there is a disconnect between where capital sits and Aseeking funding.

He argued that while investors have mandates guiding where they deploy funds, many African businesses have yet to present themselves as viable investment opportunities.

Also speaking, Head of the Nigeria Infrastructure Fund (NIF), Pius Aniedo, identified exchange rate losses, weak contract enforcement and poor corporate governance as major obstacles discouraging investors.

He said attracting more investment would require stronger contract enforcement, better corporate governance and more bankable projects supported by project preparation facilities and guarantee mechanisms.

Vice President for Africa at Rockefeller Philanthropy Advisors, Henrietta Bankole-Olushina, challenged the notion that Africa lacks capital, insisting that the continent should focus on deploying its own resources more effectively.

She explained that philanthropic funding should serve as catalytic capital by supporting early-stage projects, generating data and reducing risks before larger private investors come in.