Africa could unlock billions in private investment if regulatory bottlenecks are eased and projects are designed with bankability in mind, industry leaders said at the G20 Africa Energy Investment Forum in Johannesburg on Friday – organized by the African Energy Chamber. From energy and infrastructure to interconnecting rail lines, experts argued that the continent has the projects and political support – it just needs capital structures investors can trust.
This year saw signs of progress for African sovereigns. Samira Mensah, Managing Director – Research & Analytics, Africa at S&P Global, highlighted recent upgrades: South Africa is now just one notch below investment grade, Morocco has returned to investment grade and Egypt’s debt profile has improved. Nigeria is also back on a positive outlook.
“Despite the challenges that have persisted because of the vulnerability of African sovereigns to external shocks – and because there is a lack of financial buffers and macroeconomic stability – we have seen progress on fiscal consolidation, policy reform and implementation,” Mensah said.
Even with improving sovereign credit, attracting private investment depends on projects being bankable. Dele Kuti, Global Head of Energy & Infrastructure at Standard Bank, explained that investor funds “must be recoverable.” He added that the Bank is working with development finance institutions to bring in concessional capital, and highlighted active engagement with regulators to drive market growth.
Lida Preyma, CEO of Cēlandaire Capital, underscored the challenge: “In Africa, 90% of infrastructure projects drop off between the planning stage and financial close. This is due to lack of regulatory consistency, poor planning and lack of coordination between investors and governments.” Her solution is syndication – bringing multiple investors together to de-risk projects – and leveraging platforms such as the G20 Infrastructure Hub to expand the pipeline of investable opportunities.
Cross-border infrastructure is emerging as a powerful enabler. Kola Karim, CEO of Shoreline Energy International, highlighted the $2 billion Kano–Maradi railway connecting Nigeria and Niger, financed entirely by African institutions, and stressed that it is up to African stakeholders to demonstrate and promote a project’s credibility.
“When we talk about risk, it’s about having a credible promoter,” said Karim. “You need to convince investors that their investment is safe.”
Bryce Dustman, Global Managing Partner at Stryk Global Diplomacy, emphasized that practical regulation – not excessive oversight – is key. “New wealth is created through natural resources, agriculture, forestry, mining, oil and gas… That allows a country to build infrastructure. All regulations do is slow down that growth.”
From energy and infrastructure to regional rail, the panel agreed that Africa has the assets and political momentum to attract major investment. The missing link is capital that can navigate regulatory complexity, mitigate risk and be deployed at scale.
