Africa's $4 trillion capital base struggles to create jobs and foster industrial growth, report finds
via Punch Nigeria6 min read
A new report by the Africa Finance Corporation AFC reveals that Africa's growing capital base, estimated at over $4 trillion, is not translating into significant job creation or industrial growth. The 2026 State of Africa鈥檚 Infrastructure report, "The Africa We Build: From Capital to Systems," highlights that despite substantial expansion in domestic financial resources across banks, pension funds, insurance pools, and sovereign institutions, the continent faces high unemployment, weak industrialization, and infrastructure deficits. The report identifies a disconnect between capital availability and its real economic impact, noting that funds are not effectively channeled into productive sectors. Samaila Zubairu, President and Chief Executive Officer of AFC, stated that the core challenge is not access to capital but its deployment. Africa continues to export raw materials and import finished goods, thereby exporting jobs and importing inflation. The report argues that the issue is a failure of alignment, where existing capital, resources, and markets are not connected to create productive capacity and sustained employment. Financial systems often prioritize low-risk, short-term investments, leaving long-term capital unutilized in critical sectors like infrastructure and industry. The AFC also warns that reliance on external financing is becoming unreliable, emphasizing that Africa must increasingly depend on its own capital. The report calls for a strategic shift from extrac
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Bukola Olopade, Director General of the National Sports Commission, expressed optimism that Team Nigeria's athletics contingent could secure between seven and eight gold medals at the 2026 Commonwealth Games in Glasgow. Track and field events commenced on Monday, with Nigeria participating in various categories including the men鈥檚 and women鈥檚 100m heats, women鈥檚 hammer throw, and women鈥檚 F57 para shot put. Favour Ashe and Fakorede Adekalu will represent Nigeria in the men鈥檚 100m heats, while Miracle Ezechukwu will compete in the women鈥檚 100m heats. Sade Olatoye is set for the women鈥檚 hammer throw, and Eucharia Iyiazi will contest the women鈥檚 F57 para shot put. Olopade highlighted the high morale within the athletics team and the positive projections from the NSC鈥檚 elite board. She also emphasized the commission's commitment to athlete welfare, stating it is a key pillar of the current administration. In other news, weightlifter Ruth Nyong added a silver medal to Team Nigeria's tally in the women鈥檚 48kg event, bringing the total for Nigerian lifters to three gold and four silver medals before the event's conclusion on Sunday.
A suspect has been arrested and confessed to stealing cash from several Super Falcons players at the Marriott Hotel in Casablanca, Morocco. The incident occurred days before Nigeria's opening match at the 2026 Women鈥檚 Africa Cup of Nations. Midfielder Esther Okoronkwo stated on social media that she, goalkeeper Chiamaka Nnadozie, defender Michelle Alozie, and captain Rasheedat Ajibade were among those from whom over $1,000 was stolen. Okoronkwo also accused hotel staff of disrespect and failing to address the matter properly. Following public complaints, Nigerian journalist Colin Udoh confirmed the arrest and confession, adding that full restitution would be made to the players. The Super Falcons, who had been training in Mohammedia before moving to Rabat, are now focused on their tournament campaign, set to begin against Malawi on Tuesday.
The United Nations Industrial Development Organisation has selected Ogun State as a key Nigerian state to lead the country's transition to a circular economy. This recognition is based on Ogun's environmental sustainability initiatives and climate change programs. Ogun is now part of Project 220145 Component 2, which aims to advance Nigeria's green and just transition to net-zero emissions through circular economy efforts. The Commissioner for Environment, Ola Oresanya, stated that this recognition validates the state's environmental policies and adds to its achievements in climate change programs and circular economy projects. Ogun State's environmental interventions include distributing biomass smokeless stoves to over 3,000 residents, deploying electric motorcycles and compressed natural gas buses, and implementing the Blue Box waste segregation scheme, Plastic for Cash recycling program, community recycling projects, cement industry decarbonisation initiatives, and senatorial material recovery centers. These initiatives aim to promote resource recovery, reduce pollution, and create green jobs. Emem Umana, National Field Coordinator of the UNIDO Nigeria Office, commended Ogun State for its commitment and urged it to continue its environmental and socio-economic reforms, highlighting its international recognition and role as a model for other states pursuing green development.