Lagos State Governor, Babajide Sanwo-Olu, has called for a new financing model anchored on stronger partnerships among governments, the private sector and development institutions to bridge Africa’s development gap and accelerate sustainable growth.
The governor made the call at the opening of the 2026 Africa Social Impact Summit (ASIS), held at the Eko Convention Centre, Eko Hotel and Suites, Victoria Island, Lagos. The summit was themed “Financing for Development: Building Resilience and Transforming Emerging Economies.”
Represented by the Deputy Governor, Dr. Obafemi Hamzat, Sanwo-Olu said Africa already understands the investments required to drive sustainable development in key sectors, including infrastructure, healthcare, education, agriculture, clean energy, technology, housing and climate resilience.
According to him, the continent’s future will be determined not by the challenges it faces but by its ability to mobilise investment at the scale and speed required to meet its development aspirations.
He stressed that governments must work closely with the private sector, development finance institutions, philanthropic organisations, multilateral agencies and impact investors to address complex development challenges.
Sanwo-Olu noted that Africa’s annual financing gap for achieving the Sustainable Development Goals runs into hundreds of billions of dollars, making it imperative to deepen domestic capital markets, mobilise private investment, leverage development finance and create regulatory certainty that attracts long-term investments.
The governor also highlighted the opportunities presented by the transition to a green economy, urging stakeholders to invest in renewable energy, sustainable transportation, climate-smart agriculture, waste recycling, the circular economy and resilient infrastructure to stimulate economic growth and job creation.
He observed that millions of Africans, particularly women, young entrepreneurs and small businesses, still face barriers to accessing affordable finance, adding that effective mobilisation of development finance can boost economic growth, improve infrastructure, expand access to essential services and reduce poverty.
Sanwo-Olu said the Lagos State Government has continued to pursue strategic partnerships that have enabled the delivery of major projects in transportation, healthcare, education, climate resilience and digital innovation, noting that many of such initiatives would have been difficult to fund through public resources alone.
He added that building resilience requires long-term investments in climate-resilient infrastructure, job creation, support for innovative businesses, youth development and inclusive growth that reaches all communities.
Speaking at the summit, Chairman of the Africa Social Impact Network, Prof. Oyebanji Oyeyinka, called for urgent action to accelerate Africa’s economic transformation through sustainable financing, industrialisation and resilient development systems.
Oyeyinka said Africa’s working-age population is expected to increase by more than 620 million people in the coming decades, stressing the need for a development model that creates jobs, reduces poverty and strengthens economic self-reliance.
He advocated a shift from dependence on raw commodity exports to value-added manufacturing and innovation, while urging African countries to strengthen governance, mobilise domestic resources and take decisive actions to drive development.
In her welcome address, Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, said the Africa Social Impact Summit has grown into a leading platform for investment, partnerships and policy advocacy, attracting more than $1 billion in investments for scalable solutions across Africa.
She described the summit as an implementation platform that promotes collaboration across sectors and supports the development of sustainable financing models for industrialisation, infrastructure, innovation and inclusive economic growth.
Ibekwe also commended the Lagos State Government for its continued partnership and support in hosting the summit, noting that collaboration remains critical to achieving Africa’s development goals.