The African Development Bank (AfDB) says Africa can generate up to $1.43 trillion annually from domestic resources through policy and institutional reforms. Kevin Urama, AfDB's Chief Economist and Vice President for Economic Governance and Knowledge Management, disclosed this during a virtual pre-2026 Annual Meetings press briefing on Thursday. He attributed the continent's current funding gaps to weak public finance management, institutional inefficiencies and resource leakages. Africa needs about $1.3 trillion to achieve the Sustainable Development Goals, $184 billion to $221 billion yearly for infrastructure, and over $200 billion annually to close climate financing deficits. Urama described it as a paradox that despite Africa's vast resource potential, it struggles to mobilise capital effectively. He cited a fragmented global financial system, geopolitical tensions and declining external financing as contributing factors. Official development assistance and foreign direct investment to Africa are becoming more volatile due to global economic pressures. "This makes it imperative for Africa to strengthen its domestic resource mobilisation and reduce reliance on external financing," Urama said. He emphasized that innovative financing models such as blended finance, digital finance and climate finance are crucial for scaling development funds. Chioma Onukogu, representing the AfDB Secretary General, said the Annual Meetings serve as the bank's highest decision-making forum. Governors from 81 member countries will review operations, finances and adopt key resolutions. The 2026 meetings will be hosted by the Republic of the Congo, selected by the Board of Governors. This year's theme is "Mobilising Africa's Development Financing at Scale in a Fragmented World." The meetings will include a governors' dialogue, knowledge events and Africa Day to promote unity and highlight development priorities. Heads of government, development partners, private sector actors and stakeholders are expected to attend.
Kevin Urama highlights a paradox: Africa holds vast resources yet cannot reliably fund its own development, even as it seeks $1.43 trillion domestically. The Republic of the Congo will host the 2026 AfDB meetings, where leaders will discuss financing strategies under a theme centred on self-reliance. If domestic mobilisation remains weak despite known solutions, the meetings risk becoming forums for restating problems rather than solving them. Nigerians will be watching whether such declarations translate into tangible shifts in how public funds are managed at home.
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