Nigeria and other African countries have been urged by the International Monetary Fund (IMF) to strengthen economic stability, improve data transparency, and boost productivity to unlock greater foreign investment and accelerate development across the continent. The call was made during the ongoing ASIS 2026 Summit in Lagos, where policymakers and investment experts discussed strategies for closing Africa’s financing gap and making the region more attractive to global investors.
Speaking at the summit, the IMF’s Alternate Executive Director for Nigeria, Afolabi Olowookere, said Africa continues to receive a disproportionately small share of global investment despite its enormous economic potential and rapidly growing population. According to him, although the continent accounts for nearly 20 percent of the world’s population, it attracts less than five percent of global foreign investment due to structural challenges, slow productivity growth, and economic instability. He stressed that creating a more stable business environment would be critical to attracting long-term capital.
Olowookere also highlighted the growing importance of reliable data in today’s investment landscape, noting that investors increasingly depend on transparent and accessible information, particularly as artificial intelligence plays a larger role in financial decision-making. He explained that improving data availability and disclosure would enable investors to make informed choices while positioning African economies as more credible and competitive destinations for international capital. He added that stronger domestic capital mobilisation would further boost investor confidence and attract additional funding.
On development financing, the IMF official called on African governments to improve domestic revenue generation, pointing out that many countries currently raise less than 10 percent of their Gross Domestic Product (GDP) in revenue. Raising that figure above 15 percent, he said, would provide governments with greater financial capacity to invest in healthcare, education, infrastructure, and social welfare while reducing dependence on borrowing. He noted that Africa’s development financing would require a collaborative effort involving governments, private investors, international financial institutions, and philanthropic organisations.
Other speakers at the summit echoed similar concerns about Africa’s investment climate. Bowofade Elegbede of Acumen Fund said many African businesses need to become more investment-ready to bridge the gap between available capital and viable projects. Meanwhile, Pius Aniedo, Head of the Nigeria Infrastructure Fund, identified exchange rate volatility, weak contract enforcement, and poor corporate governance as major barriers to investment. Henrietta Bankole-Olushina of Rockefeller Philanthropy Advisors argued that Africa should focus more on effectively deploying its own resources, with philanthropic funding serving as catalytic capital to de-risk projects and attract larger private investments.
source: The guardian
