The African Finance Corporation (AFC) has issued a strong call to African governments and private stakeholders to protect and support the continent’s multilateral financial institutions, warning that attempts to undermine their credibility could jeopardize economic progress across the region.
Speaking at the AfreximBank Annual General Meeting held in Abuja, AFC President Samaila Zubairu emphasized the urgent need for unity, respect for institutional mandates, and increased domestic investment to ensure Africa’s resilience and long-term growth.
“Africa’s prosperity demands that we invest in our own resilience. Our multilateral institutions are key to mobilizing capital at scale and de-risking opportunities. We must not join attempts to weaken them,” Zubairu warned.
Textile Revival in Nigeria
Highlighting AFC’s commitment to job creation and industrial transformation, Zubairu announced a major initiative to revive Nigeria’s once-thriving textile industry, in partnership with ARISE Integrated Industrial Platforms (ARISE IIP). What began as a lending partnership has now evolved into an equity collaboration aimed at catalyzing sustainable growth.
“We are working to transform the textile sector in Nigeria as part of a broader ambition to drive industrialization. This is about creating meaningful employment and leaving a legacy for the next generation,” he said.
AFC’s Strategic Vision
The AFC, in collaboration with AfreximBank and other regional stakeholders, is driving a series of transformative projects, including:
- The Kano-Maradi rail line
- The African Medical Center of Excellence
- Regional value chain integration in line with the goals of the African Continental Free Trade Area (AfCFTA)
These initiatives aim to move Africa beyond raw commodity exports toward value-added production and intra-African trade.
Zubairu also highlighted Africa’s domestic financial potential, citing:
- $405 billion in pension assets (primarily in South Africa, Nigeria, Egypt, Morocco, and Kenya)
- $314 billion in insurance assets
- $150 billion in sovereign wealth funds
He urged the continent’s financial ecosystem to channel more of these resources into infrastructure, manufacturing, and strategic industries to reduce dependence on foreign capital and build local economic sovereignty.
Conclusion
The AFC’s appeal comes at a crucial time for the continent, as global economic uncertainty and geopolitical shifts test Africa’s institutional and economic resilience. Through collaborative partnerships and bold investments—like the planned revival of Nigeria’s textile sector—AFC aims to spearhead a new era of sustainable, inclusive development across Africa.
 warns Nigeria, Ghana, and others against actions that weaken African multilateral institutions.){kind=link}