Africa’s ambition to drive a new wave of industrial growth could stall unless the continent secures sustainable and patient capital, according to Ezinne Nwazulu, a development finance and investment advocate. Speaking on the challenges facing Africa’s industrial transformation, Nwazulu warned that limited access to long-term funding continues to undermine the scale and resilience of manufacturing, infrastructure, and value-added industries across the continent.
She noted that while Africa has made progress in entrepreneurship, technology adoption, and regional trade integration, industrial development requires a different class of capital—one that is long-term, affordable, and aligned with development outcomes. “Industrial revolutions are not built on short-term financing,” Nwazulu said. “They depend on sustained investment that allows businesses to grow capacity, adopt technology, and withstand economic cycles.”
According to Nwazulu, many African industries rely heavily on expensive short-term loans, which restrict expansion and weaken competitiveness. High interest rates, currency volatility, and limited access to local capital markets often force manufacturers to operate below capacity or abandon growth plans altogether. This, she argued, threatens the continent’s ability to move beyond raw material exports into processing, manufacturing, and high-value production.
She also highlighted the importance of mobilising domestic capital alongside foreign investment. Pension funds, insurance assets, and sovereign-backed institutions, Nwazulu said, could play a greater role in financing industrial projects if appropriate risk-sharing frameworks and policy incentives are in place. Strengthening financial infrastructure, improving regulatory certainty, and deepening capital markets are critical steps toward unlocking these resources.
In addition, Nwazulu emphasised sustainability as a central pillar of Africa’s industrial future. She argued that capital flows must support environmentally responsible production, clean energy adoption, and inclusive job creation. “Africa has an opportunity to industrialise differently—more sustainably and more inclusively—but that requires intentional financing structures,” she said.
As governments push initiatives such as the African Continental Free Trade Area (AfCFTA), Nwazulu stressed that policy reforms must be matched with financing solutions that support cross-border production and regional value chains. Without this alignment, she warned, Africa risks missing a historic opportunity to transform its economies and deliver broad-based prosperity.
Ultimately, Nwazulu concluded, sustainable capital is not optional but essential if Africa is to achieve a successful and lasting industrial revolution.
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