The Africa Social Impact Summit (ASIS) has called for innovative financing frameworks to strengthen resilience, empower communities and transform Africa’s emerging economies into engines of prosperity.
The call was made on Thursday at the opening of the 2026 Africa Social Impact Summit in Lagos, where policymakers, development finance institutions, investors and business leaders gathered to discuss financing strategies for the continent’s development.
Speaking at the summit, Banji Oyelaran-Oyeyinka, the chairman of the Africa Social Impact Network, said this year’s theme, “Financing for Development: Building Resilience and Transforming Emerging Economies,” reflects the urgent need for Africa to rethink how it finances development amid growing economic, environmental and social shocks.
“The theme of our conference is not just timely; it is existential. Across Africa, we face the twin challenges of financing growth and safeguarding our societies against shocks, whether economic, environmental or social. Without sustainable financing, development remains rhetoric. Financing is the bloodstream of industrialisation, the enabler of infrastructure and the catalyst for innovation. It determines whether our young populations will inherit opportunity or despair,” he said.
Oyelaran-Oyeyinka warned that Sub-Saharan Africa would witness the fastest labour force expansion globally, with more than 620 million people expected to join the workforce between 2025 and 2050.
He said the continent must build resilient economies capable of withstanding future shocks arising from climate change, pandemics, debt crises, commodity price volatility and disruptions to global supply chains.
The development economist identified slow structural transformation as one of Africa’s biggest development challenges, noting that many countries have moved from agriculture to services without building a strong manufacturing base.
“Manufacturing remains the engine of economic growth and the most significant creator of jobs. It is the foundation upon which thriving service industries are built because every thriving service economy depends on manufactured products,” he said.
He said Africa’s dependence on imported manufactured goods had exposed the continent’s vulnerability, citing the COVID-19 pandemic when many developing countries struggled to access vaccines.
According to him, Africa’s persistent poverty and unemployment are symptoms of a structural growth trap that requires accelerated industrialisation, value addition and productive employment.
“We cannot solve Africa’s jobs crisis with the current economic structures. We need a new growth and development model that prioritises value addition, industrial competitiveness, manufacturing and productive employment. Transformation is the journey from dependency to self-sufficiency, from exporting raw materials to producing value-added goods, and from poverty to shared prosperity,” Oyelaran-Oyeyinka said.
He urged governments, investors, development partners and the private sector to move beyond discussions and commit to financing models capable of delivering measurable development outcomes.
Also speaking, Governor Babajide Sanwo-Olu, represented by Obafemi Hamzat, the deputy governor, called for stronger collaboration among governments, development finance institutions, the private sector, philanthropic organisations and impact investors to close Africa’s financing gap.
“The question is no longer whether we know what needs to be done. We do. We understand the challenges before us. The real question is, how do we mobilise the resources needed to deliver development at the scale and speed that our people deserve?” he said.
Sanwo-Olu said governments alone could no longer finance the continent’s development ambitions, calling for greater deployment of blended finance, green bonds, domestic capital markets and diaspora investments.
He said Lagos State has continued to leverage partnerships to finance investments in transport infrastructure, healthcare, education, climate resilience and digital innovation.
Earlier, Olapeju Ibekwe, the chief executive officer of Sterling One Foundation, said the summit was established to mobilise partnerships, attract impact investments and promote policies that advance sustainable development across Africa.
According to her, the summit has mobilised more than $1 billion in impact investments over the past five years while fostering strategic partnerships across the continent.
“This has become more than an event. It is an implementation platform, catalysing change, not just in Nigeria but across the continent,” Ibekwe said.
