Angolan President and African Union (AU) Chairperson João Lourenço has called for massive annual investments of between $130 billion and $170 billion to close Africa’s infrastructure gap and create the foundation for long-term sustainable growth.
Speaking at the Third Finance Summit for Africa’s Infrastructure Development in Luanda, Angola, Lourenço emphasized that African leaders must take decisive action to address the continent’s growing infrastructure needs, according to Business Day.
He noted that unlocking Africa’s full potential as a global growth driver depends heavily on bridging this critical financing gap.
“Africa’s economic aspirations, from industrialisation to integration, hinge on the strength of the infrastructure that connects and empowers its people,” Lourenço said. “We cannot talk about the Africa we want without first building the infrastructure we need.”
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He explained that the continent’s prosperity relies on the development of key systems such as roads, power grids, digital networks, and ports, which form the backbone of Africa’s economic transformation.
“To realise our ambitions, we must embrace two principles: prioritise African financing, skills, and innovation in infrastructure, and advance projects that drive industrialisation. Only then can we truly measure our progress by how we’ve built and industrialised our continent,” he added.
Lourenço’s remarks underscored the urgent need for Africa to mobilise both domestic and international resources to fund infrastructure that can fuel growth, boost trade, and strengthen economic resilience across the continent.
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Image Credit: XINHUANET.com
