Introduction
Since assuming leadership of the Africa Finance Corporation (AFC) in 2018, Nigerian banker Samaila Zubairu has spearheaded a remarkable transformation of the institution. Under his stewardship, AFC has grown from a modest regional development finance institution into one of Africa’s most dynamic and influential investment banks. This transformation is underscored by two major milestones: an expansion from 25 to 45 member states and a recent $185 million capital injection from Angola. This article delves into how Zubairu’s vision and leadership have shaped AFC’s journey, the implications of this expansion for Africa’s economic development, and what the future holds for the continent’s financial landscape.
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The Background of Africa Finance Corporation (AFC)
Founded in 2007, the Africa Finance Corporation was created to address the continent’s significant infrastructure funding gap. The institution was set up as a multilateral development finance institution, backed by African states and private investors, to mobilize capital for projects that drive industrial and infrastructure growth. Initially, AFC had 25 member states, a reflection of the regional nature of its mandate and its initial scale.
Infrastructure in Africa has historically suffered from underinvestment, limiting economic growth and social development. AFC’s establishment was aimed at reversing this trend by providing long-term financing and project development expertise, particularly in sectors such as energy, transportation, and natural resources.
Enter Samaila Zubairu: Leadership and Vision
Samaila Zubairu took the helm as CEO in 2018. With extensive experience in banking and finance, including leadership roles at First Bank of Nigeria and Standard Chartered Bank, Zubairu brought a strong blend of expertise in capital markets, investment banking, and development finance.
His leadership philosophy focused on three pillars:
- Strategic Expansion: Increasing the membership base of AFC to extend its reach and capital pool.
- Capital Mobilization: Raising funds from governments and private investors to scale operations.
- Project Development Expertise: Enhancing AFC’s capabilities not just as a financier but as a partner in project development, increasing project success rates.
Zubairu’s approach has been bold yet pragmatic — focusing on sustainable growth, risk management, and impact investment aligned with Africa’s developmental goals.
From 25 to 45 Member States: A Continental Institution
One of the most visible signs of transformation has been the rapid increase in AFC’s membership. From 25 countries in 2007, the corporation now counts 45 member states. This is significant for several reasons:
- Greater Capital Base: More member states mean more capital commitments, allowing AFC to undertake larger and more diverse projects.
- Broader Geographic Reach: This expansion enhances AFC’s ability to impact multiple regions across Africa, including West, East, Central, and Southern Africa.
- Political and Economic Integration: AFC’s growing membership fosters collaboration among African states, supporting regional integration and shared infrastructure development.
The growth in membership is not merely symbolic; it reflects the continent’s recognition of AFC as a critical vehicle for bridging the infrastructure gap and accelerating economic development.
Angola’s $185 Million Capital Injection: A Game-Changer
In June 2025, Angola announced a $185 million capital investment in AFC. This move is notable for several reasons:
- Signaling Confidence: Angola’s investment sends a strong message to other African countries and international investors about the credibility and growth prospects of AFC.
- Scaling Project Financing: The capital infusion allows AFC to scale up investments in key sectors such as energy, transport, and industrial development.
- Attracting Follow-On Investments: Angola’s move is expected to trigger similar commitments from other member states, creating a multiplier effect.
Angola, an oil-rich nation with vast infrastructure needs, stands to benefit from AFC’s expertise while contributing to the institution’s growing capital strength. This symbiotic relationship exemplifies AFC’s model of partnership and shared growth.
Key Sectors Driving AFC’s Impact
Under Zubairu’s leadership, AFC has prioritized sectors critical to Africa’s economic transformation:
- Energy: AFC has funded numerous power generation and distribution projects, helping to address the continent’s energy deficit.
- Transportation: Investments in roads, railways, ports, and logistics infrastructure enhance connectivity and trade.
- Natural Resources: Responsible development of Africa’s rich natural resources fuels industrialization and job creation.
- Industrial Development: AFC supports projects that add value locally, including manufacturing and agro-processing.
Each sector is aligned with continental development agendas such as the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs).
Challenges and Strategic Responses
Despite its successes, AFC faces challenges common to development finance institutions operating in Africa:
- Political Risks: Operating in multiple countries with diverse political climates requires robust risk management.
- Currency Volatility: Fluctuating exchange rates can impact project economics and returns.
- Infrastructure Gaps: The sheer scale of Africa’s infrastructure needs exceeds available resources, requiring innovative financing solutions.
Zubairu has addressed these challenges by strengthening AFC’s risk management frameworks, diversifying funding sources, and forging strategic partnerships with international financial institutions and private investors.
The Future Outlook: Africa’s Financial Powerhouse
Looking ahead, AFC under Zubairu’s leadership is poised to deepen its impact:
- Expanding Membership: The goal is to include all 54 African Union member states, creating a truly continental institution.
- Innovative Financing: AFC is exploring green bonds, blended finance, and digital financial technologies to mobilize new capital.
- Sustainability and Impact: Environmental, social, and governance (ESG) principles are increasingly embedded in project selection and execution.
Samaila Zubairu’s vision of an Africa Finance Corporation that catalyzes continental growth is steadily becoming a reality, with $185 million capital injections and expanded membership as key milestones on this journey.
The Strategic Growth of Africa Finance Corporation Under Samaila Zubairu: A Deeper Dive
When Samaila Zubairu assumed leadership of the Africa Finance Corporation in 2018, the institution was already poised for growth, but what followed was a period of accelerated expansion and strategic transformation that few had predicted. His deep understanding of both local and international financial markets allowed him to navigate the complexities of African infrastructure finance and position AFC as a leader in this highly competitive sector.
Building a Pan-African Institution
One of the most remarkable achievements during Zubairu’s tenure has been the expansion of AFC’s membership from 25 to 45 African countries. This growth was not simply a numerical increase but a strategic expansion that reflected the institution’s ambition to be the continent’s premier infrastructure development bank. Each new member state brought fresh capital, but more importantly, access to a wider array of projects and a stronger political backing.
This broader membership base enhanced AFC’s ability to diversify its portfolio geographically and sectorally. Countries with different economic profiles and infrastructure needs became partners, allowing AFC to balance risk more effectively. For example, while energy projects in Nigeria and South Africa might carry certain risks, investments in transport infrastructure in East Africa or natural resources in Central Africa diversified the portfolio and mitigated overall exposure.
The Importance of Angola’s $185 Million Investment
The $185 million capital injection by Angola in 2025 was a landmark moment that sent ripples throughout the African investment community. Angola, a country rebuilding its economy after years of oil price volatility and civil conflict, recognized AFC’s unique position as a pan-African institution capable of mobilizing the kind of capital and expertise needed to drive transformative infrastructure projects.
This investment is significant not only for its size but also for its symbolic value. Angola’s commitment signaled confidence in AFC’s governance and project execution capabilities, helping to alleviate investor concerns around risk in African markets. Moreover, this investment is expected to catalyze additional commitments from other member countries, creating a virtuous cycle of capital inflows.
Capital Mobilization and Innovative Financing
Under Zubairu’s leadership, AFC has significantly enhanced its capital mobilization strategies. Recognizing that traditional sources of development finance were insufficient to meet Africa’s growing infrastructure needs, the corporation diversified its funding base to include private sector investors, multilateral development banks, and sovereign wealth funds.
One of AFC’s key innovations has been leveraging blended finance models—combining concessional finance from development agencies with private investment—to de-risk projects and attract commercial capital. This approach aligns with global trends in development finance and allows AFC to scale up its impact without exposing itself or its investors to undue risk.
Furthermore, AFC has been exploring the issuance of green bonds and sustainability-linked financial instruments. These products appeal to investors seeking impact investments aligned with environmental, social, and governance (ESG) principles. Given Africa’s vast renewable energy potential, these instruments are particularly well suited to the continent’s needs.
Enhancing Project Development and Execution Capacity
Another pillar of AFC’s transformation has been its evolution from being solely a financier to becoming a full-fledged project developer and partner. This shift reflects a recognition that successful infrastructure delivery in Africa often requires more than capital—it demands expertise in project design, risk management, and stakeholder engagement.
AFC has invested in strengthening its in-house technical capabilities, enabling it to provide end-to-end support for infrastructure projects. This includes feasibility studies, environmental and social impact assessments, and assistance in navigating regulatory environments. By doing so, AFC has increased the success rate of projects, reduced delays, and enhanced investor confidence.
For example, in recent years AFC has been involved in several high-profile projects, such as power generation facilities in West Africa and road infrastructure linking landlocked countries to ports, which have delivered tangible economic benefits. This hands-on approach has distinguished AFC from many other development finance institutions.
Navigating Challenges and Building Resilience
Operating across a continent as diverse and complex as Africa is not without challenges. Political instability, regulatory uncertainty, and currency fluctuations are persistent risks. Zubairu has steered AFC through these challenges by implementing robust risk management frameworks that include political risk insurance, currency hedging, and strict governance standards.
Moreover, AFC’s diverse membership and project portfolio provide a natural hedge against localized shocks. If political unrest disrupts a project in one country, AFC’s investments in other regions and sectors help stabilize overall performance.
In addition, AFC engages closely with governments to ensure projects align with national development priorities and regulatory frameworks. This partnership approach minimizes risks associated with policy changes and improves the sustainability of projects.
AFC’s Role in Africa’s Economic Development Agenda
AFC’s work aligns closely with broader continental initiatives such as the African Union’s Agenda 2063, which envisions an integrated, prosperous, and peaceful Africa driven by its citizens. Infrastructure development is a critical enabler of this vision, facilitating trade, industrialization, and job creation.
By investing in sectors such as energy, transportation, and industrial development, AFC supports the creation of value chains and markets that span multiple countries. This integration promotes economic diversification, reduces dependence on raw commodity exports, and fosters inclusive growth.
Zubairu’s leadership ensures AFC remains mission-driven while adapting to market realities. The corporation balances financial returns with developmental impact, demonstrating that profitability and social progress can go hand in hand.
The Future of AFC: Innovation and Sustainability
Looking forward, AFC aims to consolidate its position as Africa’s infrastructure bank of choice. Plans include further expansion to incorporate all 54 African Union member states, which would solidify its role as a truly continental institution.
Innovation remains a key focus area. AFC is investing in digital infrastructure projects, renewable energy, and climate resilience initiatives. This approach reflects global shifts towards sustainability and the growing demand for infrastructure that supports low-carbon economies.
Zubairu also champions transparency and accountability, recognizing that building trust among stakeholders is essential for attracting investment. Regular impact reporting, stakeholder engagement, and adherence to ESG standards are embedded into AFC’s operations.
Conclusion: A New Chapter for African Development Finance
Samaila Zubairu’s tenure as CEO of Africa Finance Corporation marks a new chapter in African development finance. His leadership has transformed AFC into a vibrant, well-capitalized, and strategically diversified institution capable of driving continent-wide infrastructure development.
The growth from 25 to 45 member states and the $185 million capital boost from Angola exemplify the trust and momentum AFC has garnered. As the corporation continues to innovate and expand, it promises to play a pivotal role in shaping Africa’s economic future, enabling the continent to unlock its full potential.
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