The managing director of Shelter Afrique, Mr. Thierno-Habib Hann, stated at the 25th Annual Harvard Africa Business Conference 2023 – Africa Accelerated that the more than 170 million people of African descent living worldwide represent a sizable resource pool for the development of the continent’s infrastructure, including housing.
Nigeria ($19.2 billion), Ghana ($4.5 billion), Kenya ($3.7 billion), Senegal ($2.7 billion), Zimbabwe ($2.0 billion), Democratic Republic of Congo ($1.3 billion), Uganda ($1.1 billion), Mali ($1.1 billion), South Africa ($900 million), and Togo ($700 million) are the top ten recipients of remittance inflows in Africa in 2021.
With more than 60% of its people living in cities, Africa is thought to be one of the continents with the fastest-growing urban populations.
According to the UN, it is projected that the number of Africa’s urban residents will increase to 1.5 billion by 2050, and that Africa will pass the tipping point of 50 per cent urban population around 2035. Currently, Africa has a housing deficit which accounts for at least 56 million units.
The African Development Bank estimates that Africa’s infrastructure needs amount to $130–170 billion a year, with a financing gap in the range of $68–$108 billion. To date, less than half of this amount is being mobilized, leaving a financing gap in the range $68–$108 billion,”he noted.