African nations have been strongly urged to seek substantial long-term capital from international investors to address the continent's staggering infrastructure deficit, which experts estimate at $170 billion. Ifeanyi Ajuluchukwu, former banker and CEO of Montserrado, emphasized this critical need during a recent interview with Nairametrics, highlighting that domestic resources alone are insufficient to meet the continent's massive financing requirements.

According to the African Union Development Agency (AUDA), Africa requires between $130 billion and $170 billion annually to bridge its infrastructure gap. However, current investment levels fall significantly short of this target. Ajuluchukwu stressed the imperative for African countries to attract foreign investors to fund large-scale infrastructure projects, underscoring that local capital markets, while important, cannot solely cover this immense financing gap.

Ajuluchukwu also commended recent government reforms in Nigeria, particularly those aimed at stabilizing the naira. He noted that these measures are beginning to positively influence investor confidence in Nigeria’s financial markets. As indicators of growing international interest, he cited JP Morgan's bond investments and Standard Bank's strategic relationship with China's ICBC.

A 2025 white paper published by the AU Development Agency, titled “The Missing Connection: Unlocking Sustainable Infrastructure Financing in Africa,” further corroborates the continent's extensive infrastructure needs. The report indicates that while governments contribute, the remaining financing is largely expected from the private sector. The paper also suggests that foreign direct investment (FDI) could see a substantial increase if African countries develop more bankable projects, with a particular emphasis on opportunities within the green energy sector.

Ajuluchukwu also identified a critical structural mismatch within Nigeria's financial system. He pointed out that the majority of available funds are short-term, while the nature of infrastructure projects demands long-term financing. "You're not going to use three-year money or five-year money to build infrastructure," he stated. "For infrastructure projects, you need capital that can last seven, ten, or even fifteen years." While acknowledging the efforts of institutions like the Bank of Industry and the Central Bank of Nigeria in attempting to provide long-term funding, Ajuluchukwu maintained that the scale of these interventions remains insufficient for monumental projects such as ports and power plants.

Despite ongoing recapitalisation efforts by Nigerian banks, Ajuluchukwu reiterated his stance that domestic financial institutions alone cannot generate the sheer volume of funding required to overcome Africa's infrastructure deficit. He also provided examples of foreign investments that have demonstrably contributed to local capital bases, citing Tolaram and Indorama Eleme Petrochemicals as long-term investors that have progressively built strong local presences in Nigeria.

Furthermore, experts have highlighted the significant potential role of the capital market in financing infrastructure, provided it develops products that are sufficiently attractive to global investors. As Africa's infrastructure financing needs continue to escalate, the dual strategy of attracting global investors and strengthening domestic capital markets is increasingly recognized as essential for bridging the continent's substantial funding gap.