By zainab.joaque@awokonewspapersl.com Abuja, Nigeria, June 30, 2025 – Africa must rethink its overreliance on foreign direct investment (FDI) and take bold steps to empower local entrepreneurs and mobilize domestic capital. This was the clarion call from Arnold Ekpe, Chairman of BCA and former CEO of Ecobank, during a recent high-level panel in Abuja focused on financing Africa’s development from within.
Moderated by renowned journalist Lerato Mbele, the panel explored the structural and psychological roadblocks preventing Africa from tapping into its own wealth—especially vast pension funds and underutilized capital markets.
Mbele set the stage with hard-hitting questions: “Do we have our own money? Why are we not using it effectively? Is it a question of policy or courage?” Her questions struck at the heart of a continent often seen waiting on foreign capital while sitting on billions in untapped resources.
Ekpe didn’t mince words in his response. “For 60 years, we’ve been drawing up national development plans and expecting different results,” he said. “Enough with the glossy reports that gather dust. Real development begins when we bring 20 to 30 of our top entrepreneurs to the table and ask them: ‘What sectors are you passionate about? How can we support you?’”
He argued that Africa must abandon its dependency mindset and stop treating FDI as the holy grail of development. “FDI can help, yes, but it is not the engine,” he emphasized. “The real driver is our mindset. Development must be led by African private sector actors—young, capable entrepreneurs who understand local needs and are ready to act.”
Ekpe criticized governments for failing to prioritize local investment: “Governments have money—they don’t need to build every airport or refinery. Their job is to create an enabling environment. The real work is being done by the private sector.”
Drawing comparisons, he pointed to a recent €30 million European-led venture capital and climate fund in the Caribbean that’s already rolling out investments. “That’s action. Meanwhile, we talk. We hold conferences. We analyze and over-plan. It’s time to act,” he said.
A central theme of the discussion was the need to unlock the potential of African pension funds, which hold hundreds of billions in assets yet contribute very little to infrastructure due to outdated regulations and limited investment vehicles.
Experts on the panel called for urgent reforms to create infrastructure-focused financial instruments, improve market structures, and align long-term savings with Africa’s development priorities.
The message was loud and clear: Africa doesn’t lack money. It lacks the courage, creativity, and policy space to put that money to work.
As Ekpe concluded, “We don’t need to wait for anyone. We have the capital. What we need is a mindset shift—and the political will to support those ready to build Africa from within.” ZIJ/30/6/2025
 and take bold steps to empower local entrepreneurs and mobilize domestic capital. This was the clarion call from Arnold Ekpe, Chairman of BCA and former CEO of Ecobank, during a recent high-level panel in Abuja focused on financing Africa’s development from within.){kind=link}