Africa’s development financing agenda took a significant step forward in New York as the inaugural Africa Social Impact Summit (ASIS) Global Action Forum convened leaders from government, business, finance, philanthropy, development institutions and civil society to examine how capital, partnerships and locally driven solutions can be mobilised to deliver sustainable development at scale.
Held on the sidelines of the 81st United Nations General Assembly (UNGA81), the Forum was convened by Sterling One Foundation in partnership with the United Nations Population Fund (UNFPA) and RALLY, an Indianapolis-based coalition of InnoPower Global and Sagamore, as Strategic Co-Hosts, alongside other partners. It extended the outcomes of the fifth Africa Social Impact Summit, held in Lagos in July, into a global platform.
Under the theme, ‘Financing for Development: Building Resilience and Transforming Emerging Economies,’ the Forum brought together perspectives from government, finance, business, philanthropy and development to explore how different forms of capital can be better aligned with African priorities, locally developed solutions and opportunities for impact at scale.
Discussions focused on moving beyond Africa’s financing gaps by mobilising domestic and international capital, strengthening partnerships, enabling investment, scaling locally driven solutions and leveraging the continent’s entrepreneurial and institutional capacity to drive sustainable transformation.
Speaking at the Forum, Malam Dikko Umaru Radda, governor of Katsina State, said: “Africa’s development challenges require more than ambition; they require financing models and partnerships that can turn opportunities into results. Governments must create the conditions for investment, while the private sector, development institutions and philanthropy bring capital, expertise and innovation to the table. We must also invest in homegrown solutions and create the pathways for them to scale.”
Mariarosa Cutillo, chief of Strategic Partnerships, United Nations Population Fund (UNFPA), noted: “Development finance delivers greater impact when capital is connected to strong partnerships, local ownership and clear outcomes. We need financing ecosystems that bring different forms of capital together while keeping people at the centre, ensuring that investments create better opportunities and lasting improvements for communities across Africa.”
Jay Hein, chief executive officer, Sagamore, highlighting the importance of connecting Africa’s homegrown solutions with the resources needed to scale them, said: “Africa has entrepreneurs, institutions and locally driven solutions with enormous potential. The opportunity is to connect these solutions with the capital, expertise and partnerships needed to scale them. Moving from ideas to sustainable impact will require trust, long-term collaboration and a willingness to invest in African-led solutions.”
Oyebanji Oyelaran-Oyeyinka, a professor and chair, Africa Social Impact Network, emphasised the need to connect capital with productive capacity: “Africa’s transformation will depend not only on the availability of capital, but on how effectively it is connected to productive capacity, innovation, institutions and local markets. We need financing models that strengthen value chains, support enterprise and enable communities and businesses to participate meaningfully in economic transformation.”
Speaking on the role of the private sector, Foluso Phillips, chairman, Philips Consulting Limited, said: “Africa has no shortage of ideas, talent or opportunities. What we need are stronger institutions, systems and partnerships that can convert this potential into sustainable economic value. Financing development must therefore go beyond individual projects to building the capacity of businesses, institutions and people to drive inclusive and lasting growth.”
Highlighting on the significance of the Forum, Olapeju Ibekwe, chief executive officer, Sterling One Foundation, said the Forum represented another step in connecting Africa’s priorities with the resources needed to deliver impact.
“The Global Action Forum allowed us to take the conversations we started in Lagos into a global space and connect Africa’s priorities with a wider pool of capital, expertise and partnerships. Ultimately, the measure of these conversations is what happens after the room empties, which partnerships take shape, which investments move forward and how these efforts improve lives. Africa must be at the centre of shaping the solutions and partnerships that will define its development future,” Ibekwe said.
A significant example of the shift from commitments to implementation was the commercial launch of the US$300 million Nigeria Distributed Renewable Energy (DRE) Fund by the Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL). The Fund will scale distributed renewable energy solutions, including mini-grids and standalone solar systems, to underserved communities and businesses across Nigeria.
Co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership, the initiative demonstrates how public, development and private capital can be aligned to address critical development needs and drive investment at scale.
The Africa Social Impact Summit Global Action Forum comes at a time when Africa faces significant development financing needs across energy, healthcare, education, food systems, climate resilience, economic inclusion and human capital development. The Forum underscored the interconnected nature of these priorities and the need for innovative financing approaches, collective giving and stronger partnerships to support sustainable, long-term impact.
As the conversations in New York conclude, the work continues. The Africa Social Impact Summit will continue to bring together leaders, investors, development partners, innovators and changemakers to turn ideas and commitments into partnerships, investments and measurable impact.
The next chapter begins with ASIS 2027, which will build on these conversations and advance the focus from financing to transformation under the theme, ‘From Financing to Transformation: Powering Inclusive Growth and Shared Prosperity in Africa.”
