By Ayomide Otitoju
Lagos State Governor Babajide Sanwo-Olu has called for stronger collaboration among governments, the private sector and development institutions to bridge Africa’s development financing gap and accelerate sustainable economic growth.
The governor made the call on Wednesday at the opening of the 2026 Africa Social Impact Summit (ASIS), themed “Financing for Development: Building Resilience and Transforming Emerging Economies,” held at the Eko Convention Centre in Lagos.
Represented by Deputy Governor Dr. Kadri Obafemi Hamzat, Sanwo-Olu said Africa already understands the investments needed to transform key sectors, including infrastructure, healthcare, education, agriculture, clean energy, technology, housing and climate resilience.
He stressed that the continent’s future would depend on its ability to mobilise investment through stronger partnerships rather than the challenges it faces.
According to him, sustainable development can only be achieved through collaboration between governments, private investors, development finance institutions, philanthropic organisations and multilateral agencies.
Sanwo-Olu noted that Africa’s annual financing gap for achieving the Sustainable Development Goals (SDGs) runs into hundreds of billions of dollars, making it imperative to deepen domestic capital markets, attract private investment and create a stable regulatory environment for long-term financing.
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, recycling, the circular economy and resilient infrastructure to drive job creation and economic growth.
He said effective mobilisation of development finance would improve access to affordable capital for businesses, strengthen infrastructure, reduce poverty and enhance the delivery of public services.
Sanwo-Olu added that the Lagos State Government has leveraged strategic partnerships to deliver critical projects in transportation, healthcare, education, climate resilience and digital innovation, noting that such projects would have been difficult to finance solely through public funds.
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.
He said the continent must adopt a new development model capable of creating jobs, reducing poverty and promoting economic self-reliance as Africa’s working-age population continues to grow.
Also speaking, Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, said the Africa Social Impact Summit has attracted over $1 billion in investments into scalable development solutions across the continent over the past five years.
She described the summit as a platform for promoting partnerships, impact investment and policy solutions aimed at advancing sustainable development across Africa.
