Governments, development partners and private sector leaders have called for stronger partnerships and increased private investment to bridge Africa’s widening development financing gap, insisting that public resources alone can no longer meet the continent’s growing needs.

The call was made yesterday at the opening ceremony of the Africa Social Impact Summit (ASIS) 2026 in Lagos, where speakers stressed that mobilising finance for infrastructure, healthcare, education, climate resilience and human capital would determine Africa’s ability to achieve sustainable development.

Speaking at the summit, the Governor of Lagos State, Babajide Sanwo-Olu, said the debate was no longer about identifying Africa’s challenges but about mobilising the resources required to address them at the scale and speed demanded by the continent’s growing population.

According to him, Africa’s annual financing gap for the Sustainable Development Goals (SDGs) runs into hundreds of billions of dollars, making collaboration between governments, the private sector, development finance institutions, philanthropic organisations and impact investors indispensable.

“The real question is, how do we mobilise the resources needed to deliver development at the scale and speed that our people deserve? Development is no longer financed by public resources alone, and the arithmetic makes it very plain,” he said.

Represented by his deputy, Obafemi Hamzat, he said blended finance, green bonds and sustainable financing instruments had become important tools for attracting long-term capital into infrastructure and climate projects, while urging African countries to deepen domestic capital markets, mobilise pension and diaspora funds, strengthen tax systems and provide regulatory certainty to attract investors.

“No single institution can finance Africa’s future, but together we can,” he said.

Sanwo-Olu added that Lagos had consistently relied on partnerships with private investors and development finance institutions to expand transport infrastructure, improve healthcare and education, strengthen climate resilience and drive digital innovation.

The governor said the transition to a green economy also presents opportunities to create jobs, stimulate innovation, attract investment and build more competitive economies, adding that Lagos intends to remain at the forefront of that transition.

He also urged delegates to support locally developed innovations, noting that many of Africa’s solutions would come from entrepreneurs on the continent.

In her welcome address, The Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, said the summit, now in its fifth year, was created to catalyse partnerships, attract impact investments into scalable solutions and advocate policies that support sustainable development.

According to her, the platform has helped attract over $1 billion into impact investment solutions while facilitating partnerships across Africa.

“This has become more than an event. It is an implementation platform, catalysing change, not just in Nigeria but across the continent,” she said.

She urged participants to see themselves as stakeholders in shaping Africa’s future by supporting quality education, healthcare and other development priorities.

Representing the United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, the United
Nations Population Fund Representative and Country Director for Nigeria, Muriel Mafico, said financing for development ultimately revolves around improving people’s lives rather than simply raising money.

“Finance is not the destination. It is a bridge to dignity, opportunity and hope,” she said.

She noted that the world was facing slower economic growth, rising debt, declining development assistance, climate shocks and persistent conflicts, warning that these pressures had widened the financing gap for developing countries.

Quoting recent global development figures, Mafico said only 36 per cent of the Sustainable Development Goals are on track or making moderate progress, while official development assistance fell by 23 per cent last year and the annual financing gap for developing countries remains about $4 trillion.

She described Nigeria’s youthful population as one of its greatest assets, stressing that strategic investments in young people, women and human capital would determine the country’s future.

Mafico added that Africa’s future would be driven by African leadership, domestic resources, innovation and stronger partnerships, urging participants to ensure that the summit delivers practical investments and collaborations rather than ending with declarations.

“Let this summit be remembered not for the speeches delivered, but for the partnerships that are forged, not for promises that are made, but for investments that are unlocked,” she said.