Adesina propose $10bn fund to power Africa AI push over 10 years

Akinwumi Adesina, former president of di African Development Bank (AfDB), don put forward plan for $10 billion fund to finance Africa artificial intelligence ambitions, as di anchor of wider $50 billion push over di next 10 years.

He talk on Tuesday at di 2026 Oxford Global Think Tank Leadership Conference for Abuja, theme "Leadership for a Prosperous Future". Aruma Oteh, Director-General of di Securities and Exchange Commission (SEC), convene di event.

Adesina warning blunt: if di continent no pay for im own research, infrastructure and tech businesses, e go spend di coming generation dey buy technology wey dem make elsewhere and dey pay royalties on ideas wey anoda person own.

"We must decide whether Africa go just become market for technologies wey dem develop elsewhere, or whether we go become creators, owners and exporters," he talk.

Where di $50 billion go come from

Under di proposal, African governments go commit $15 billion in phases over 10 years, depending on dia priorities and budgets. Multilateral and African development finance institutions go add anoda $15 billion through loans, equity, guarantees and risk-sharing.

Private investors, philanthropic partners and global technology companies go supply $10 billion. Di remaining $10 billion go sit inside di proposed African AI Frontier Technology Fund, wey go back research, computing infrastructure, frontier technologies and African tech firms.

Adesina also propose coalition wey go bring World Bank, AfDB, oda development banks, governments, investors and technology companies together to coordinate di money.

He cite AfDB estimates say generative AI fit add between $61 billion and $103 billion in economic value to Africa, but talk say e no go happen on im own. He point to Stanford University 2025 AI Index, wey put global AI investment at $252.3 billion in 2024.

He name agriculture, manufacturing, healthcare, education, energy and financial services as sectors where AI fit cut costs and lift output. Farmers, for example, fit get better guidance on soil, water and weather.

He talk say Africa ability to compete go rest on electricity, affordable internet, computing capacity, secure digital systems and good data. He point to Mission 300, World Bank and AfDB partnership to connect 300 million Africans to electricity by 2030, talk say more than 50 million people don already reach.

Adesina urge governments to consider appointing ministers responsible for AI, and talk say African Union continental AI strategy, wey dem adopt in July 2024, now need to move from paper to action.

Tijani: productivity na di test

Also for di conference, Nigeria Minister of Communications, Innovation and Digital Economy, Bosun Tijani, talk say AI go only deliver shared prosperity if countries turn am into higher productivity and better living standards.

He compare am to Nigeria telecoms boom, where millions of small changes in how people communicate, trade and reach customers add up to transformed economy. He talk say dat growth come from government and private business working together.

Di Emir of Kano, Sanusi Lamido Sanusi, call for reforms by African leaders to drive di continent technological future. He also advise President Bola Tinubu government to take practical approach to poverty and hunger, while acknowledge say inflation don ease and GDP growth don improve.

Atedo Peterside, wey chair di occasion, blame corruption for holding back Africa and Nigeria technological progress, talk say resources must reach critical sectors.

Oteh talk say Africa domestic market dey central to di region development and call for more retail investors in di capital market.

Wetin go happen next

Di proposal no be policy yet. E go need buy-in from African governments, development banks and private investors before dem go create any fund.