Dear friends from the private sector, international non-profits, impact investors, Summit participants,

Ladies and gentlemen,

Dear friends,

Thank you to the Sterling One Foundation and the UN country team in Nigeria for convening this important event, bringing together the public, private and development sectors for a common cause.  

It provides a key opportunity for the private sector and impact investors to build market-led solutions and accelerate development-focused impact investment in Africa.

Above all, this is a gathering focused on action.

And I welcome its special focus on youth inclusion, women empowerment, climate solutions and the circular economy.

Ladies and gentlemen,

Friends,
There is a clear and compelling investment case for development in Africa.

Whether through sovereign or corporate bonds, foreign direct investment, or venture capital inflows, the continent presents the most exciting business opportunity in the world. 

And with that, we have a unique opportunity to make positive social development progress, as well as crucial contributions to the Sustainable Development Goals and Agenda 2063: The Africa We Want.

We must also recognize that Africa faces a range of challenges. COVID-19 and the war in Ukraine have reversed years of development gains, with disruptions in global trade, and increased global commodity prices for food and energy.

But the long-term structural endowments of our continent are as strong as ever.

Most of the world’s natural resources are in Africa.  

With 60% of the world’s arable land, and a massive population of motivated youth, Africa is the best investment proposition of the 21st century.

But investment must go beyond extracting raw materials.  It must build the roots of a modern economy — hard and soft infrastructure alike. This must include bold investments into Africa’s strongest asset – its people, at the continental, national and local levels. UNDP’s human development approach reminds us that people are not just the key target of development — they are the agents of its change.

This means channeling massive, targeted investments into youth development, local employment and employability, climate-smart solutions, education, health, renewable energy, and improved water and sanitation facilities. All of the enablers of economic growth.

In some cases, this will require the private and public sectors working together to scale the necessary financing instruments, guarantees and de-risking mechanisms to strengthen Africa’s development finance network and institutions.

I also welcome the project finance “deal room” at the Summit, where organizations with viable projects can pitch to prospective financiers. We need all hands on deck to invest in the transitions we need to see and drive local prosperity that benefits especially women and young people and helps create more sustainable economies, markets and natural ecosystems. 

I urge you to take the lessons learned and the data collected in the creation of these deals to the broader public – as a demonstration of what can be achieved when financing is put to work across Africa.

 As we are faced with the crises of climate change, water stress and environmental degradation, we especially need to invest in portfolios that are sustainable — economically, socially and environmentally — and that contribute to the circular economy and our collective climate goals.

And we must work together to realize the full potential of the African Continental Free Trade Area – a key opportunity to drive development, build digital infrastructure, and reduce trade frictions and market fragmentation.

My friends,

Together, investors – both private and non-profit — as well as international organizations and the entire UN family can make sure that both people and planet thrive.

Let’s continue our journey towards a clean and healthy world of prosperity, that leaves no one behind. 

And let’s take that journey together.

Thank you.