INFRASTRUCTURE FUND
DIANNA GAMES: Africa seeking to grow self-sufficiency in troubled times
‘All players need to talk more, find common ground and look for new models that will work better and deliver infrastructure faster’
Many a noble sentiment was expressed at an event in Abuja last week to celebrate the 10th anniversary of Nigeria’s home-grown infrastructure fund, the African Finance Corporation. Key among them was the need for African self-sufficiency in unpredictable times and for visionary leadership to unlock the potential of institutions that will help to build confidence in and support for African initiatives. The corporation has an interesting background, one often little known in the south of the continent, where we are focused on our own large development finance organisations. The corporation was the initiative of former Nigerian central bank governor Charles Soludo, who drove the 2005 consolidation of the country’s banking sector by raising capital requirements significantly, forcing more than 60 of the then 89 banks to close or merge with others. This built a stronger banking sector that later enabled banks to support the African Finance Corporation. That year, Nigeria lost its bid for ...
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