Lead, Business Performance & JV Assets at NNPC Limited, Olamide Efosa-Austin, has made a call for greater mobilisation of domestic, institutional and international capital to finance Africa’s energy needs and support industrialisation across the continent. This call was made at the inaugural Africa Capital Week 2026 in Nairobi, Kenya. Policymakers, regulators, investors, capital-market operators and business leaders gathered to examine ways to deepen Africa’s capital markets and strengthen financing for economic development.
Efosa-Austin spoke at the Capital for Renewable Energy & Climate Change session, where she emphasised that Africa’s energy transition required an integrated financing approach. This approach should recognise the continent’s need for energy security, industrial growth, job creation and economic development. She argued that Africa should not approach the energy transition as a choice between conventional and renewable energy sources.
According to Efosa-Austin, the continent requires financing strategies capable of supporting its broader development needs. She stated that Africa does not have the luxury of an either/or energy transition. The continent must increase its ability to mobilise capital from domestic and institutional sources while continuing to attract international investment into energy projects.
Efosa-Austin also stressed the need to increase Africa’s share of global energy financing. She noted that capital deployed across the continent should translate into sustainable economic value. This position was reinforced by Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama.
Dr Agama emphasised the need for greater collaboration among African capital markets and stronger investor confidence to facilitate the mobilisation of long-term capital for productive investments. His position reinforced discussions at the forum on the difficulty of connecting Africa’s available capital with credible and investment-ready projects.
Stakeholders identified the development of bankable projects, stronger financial institutions, regulatory cooperation and investor confidence as key issues affecting the flow of capital into Africa’s infrastructure and energy sectors. The forum, held under the theme, “Deepening Capital Markets to Advance Africa’s Economic Sovereignty,” examined the role of capital markets in mobilising long-term financing for infrastructure and economic transformation.
A major outcome of the forum was the Nairobi Declaration 2026, which includes commitments on regulatory cooperation, greater integration of African securities exchanges, the development of an Africa Bankable Projects Pipeline and mobilisation of institutional capital for infrastructure. The declaration aims to address the challenges facing Africa’s capital markets and promote economic development.
Key points
- Africa requires an integrated financing approach to support its energy transition and broader development needs.
- The continent must increase its ability to mobilise capital from domestic and institutional sources while continuing to attract international investment into energy projects.
- Stronger capital markets are essential to unlocking financing for Africa’s infrastructure and economic development.
