Africa’s growth hinges on bankable projects — Adesina

…Budgets must improve lives — Asamani, PMI chief

By Tunde Oso

KIGALI—Immediate past President of the African Development Bank, AfDB, Dr. Akinwumi Adesina, has declared that Africa is well placed to drive global prosperity but warned that the continent will not realise its promise unless it closes its $70 billion annual infrastructure gap and delivers projects that transform lives.

Speaking at the PMI Global Summit Series Africa in Kigali, Rwanda, Adesina noted that Africa accounts for 65 per cent of the world’s uncultivated arable land, holds abundant critical minerals for the green transition and is home to 13 of the world’s fastest growing economies.

He lamented, however, that these endowments have yet to translate into real transformation.

“Africa must close its infrastructure gap and ensure that projects deliver impact. Projects must not just exist on paper, they must change lives. As one Kenyan beneficiary told me, ‘We once were in darkness. Now we have light.’ That is the true measure of success,” Adesina said.

Highlighting AfDB’s High 5 priorities—Light up and Power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and Improve Quality of Life—he said the Bank’s interventions have already impacted more than 565 million people, from expanded electricity access to new transport corridors and digital infrastructure. He described projects as “the vehicles of transformation.”

But Adesina’s optimism was tempered by concern over poor project preparation.

Armand Nzeyimana, AfDB’s Director of Development Impact and Results Department, said Africa is being held back by a chronic shortage of bankable projects.

According to him, a bankable project must pass three key tests: technical feasibility with proven designs and resilient standards; financial viability with clear revenue models and acceptable risk-return profiles; and robust risk management covering political, currency and market risks.

“Without these fundamentals, even the noblest intentions cannot secure financing,” Nzeyimana warned.

He said projects designed for five years often drag on for eight or more, with completion timelines extended by up to 50 per cent.

George Asamani, MD of PMI Sub-Saharan Africa, reinforced the point, stressing that project success is not about schedules and budgets alone but about outcomes that improve lives.

 “Africa’s future will be shaped not by the number of projects we launch, but by the impact those projects deliver,” he said.

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