Friday, 29th March 2024
To guardian.ng
Search

WOFA seeks stakeholders support to bridge infrastructure deficit in Africa

By Guardian Nigeria
12 June 2022   |   9:25 pm
The World Forum for Africa (WOFA) has called for stakeholders' support across the world to bridge the infrastructure gaps in the continent by raising $10 billion through its innovative yearly private sector led summit. It also planned a transnational initiative entitled, 'Infrastructure As An Asset (IAAA) proprietary programme.' The IAAA will be used to conceptualise…

The World Forum for Africa (WOFA) has called for stakeholders’ support across the world to bridge the infrastructure gaps in the continent by raising $10 billion through its innovative yearly private sector led summit.

It also planned a transnational initiative entitled, ‘Infrastructure As An Asset (IAAA) proprietary programme.’

The IAAA will be used to conceptualise and implement transformational infrastructural projects, which are economically viable and sustainable.

Speaking on the initiative, the co-convener, Abi Haruna said WOFA is single-mindedly committed to infrastructure development in Africa.

Haruna said: “Notwithstanding some outstanding initiatives, in 2016 the United Nations Conference on Trade and Development estimated that between $ 1.6 trillion and $ 2.5 trillion is required annually from 2015 to 2030 to bridge the infrastructure-financing gap in developing countries.”

“The African Development Bank estimates that Africa needs $170 billion a year by 2025, with an estimated gap of around $100 to plug the gaping infrastructure deficit across all major sectors in the continent and to meet the United Nation’s Sustainable Development Goals (SDGs). This tenuous position of Africa is further heightened by the unprecedented double impact of the COVID 19 pandemic in the last two years and current conflict in Ukraine.”

According to him, “WOFA is focused on inspiring the build-out of transformational infrastructure projects across Africa, thus spurring what is perhaps the largest economic transformation in human history.”

Abi, who is an Attorney and an Africa’s digital infrastructure transformation enthusiast, said: “WOFA’s objective is to make a difference by achieving creative, innovative and sustainable financing solutions for Africa’s infrastructure transformation through collaboration with international development partners and major stakeholders in Africa infrastructure value chain delivery, including private and public sectors.”

“When you look around the continent of Africa, challenges abound. But at WOFA, we are determined to turn the challenges into opportunities, place the continent on the path of rapid economic growth and spur the largest economic transformation in human history.”

In this article

0 Comments