Saraki: Foreign Aid Can’t Solve Africa’s $170 Billion Infrastructure Funding Gap

Africa must fundamentally rethink its development model, prioritizing domestic resource mobilization and industrialization, as foreign aid alone cannot bridge its vast infrastructure financing gap, estimated between $130 billion and $170 billion annually. This call comes from former President of the Nigerian Senate, Dr. Bukola Saraki.

Speaking at the Global Strategic Advisory Group (GSAG) meeting in Italy, Saraki addressed the shifting global development landscape. He noted that the United States' withdrawal from international development assistance, while presenting short-term challenges, offers Africa a crucial opportunity to redefine its partnerships and pursue greater self-reliance.

Saraki acknowledged the significant humanitarian implications of reduced U.S. aid, including potential increases in HIV infections and disruptions to health supply chains and civil society support. However, he argued that focusing solely on replacing donor funding would be a missed opportunity.

Instead, he urged the continent to seize the moment to build a more sustainable and equitable development framework aligned with its long-term interests. Saraki emphasized that Africa's challenge is not merely to shift dependence but to redefine development cooperation through genuine partnerships, stronger governance, and investments in future generations.

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I have witnessed both the transformative impact that development cooperation can achieve and the structural limitations that have too often constrained its effectiveness. From that perspective, I believe the cu