Former President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has proposed the establishment of a $10 billion African Artificial Intelligence (AI) Frontier Technology Fund to support the continent’s technological development and industrial transformation.
Adesina said the proposed fund would serve as a starting point for mobilising $50 billion over the next decade to finance scientific research, technological innovation and industrial development across Africa.
He made the proposal on Tuesday while delivering the keynote address at the 2026 Leadership Conference in Abuja, organised by the Oxford Global Think Tank and convened by the Director-General of the Securities and Exchange Commission (SEC), Aruma Oteh.
The conference was held under the theme, “Leadership for a Prosperous Future”.
Adesina warned that Africa could become increasingly dependent on foreign technology providers if governments and private sector stakeholders fail to invest in local research, infrastructure and innovation.
He argued that without adequate funding for scientific development, African countries would continue purchasing technologies developed elsewhere while paying for intellectual property owned outside the continent.
According to him, the global competition for AI leadership is already underway, and decisions being made today will determine which countries develop future technologies, own intellectual property and control a significant share of the global technology market.
He noted that previous technological revolutions had reshaped global economic power, with countries that invested early in innovation gaining significant economic advantages.
Adesina identified the industrial and digital revolutions as examples of how technological advancements have transformed global wealth and created new economic powers.
He maintained that Africa must position itself to benefit from the emerging AI revolution rather than remain a consumer of technologies developed by other regions.
The former AfDB president also highlighted Africa’s projected population growth to approximately 2.5 billion by 2050, arguing that the continent must build the technological capacity to meet its future economic and developmental needs.
He called for a united African approach to technological development, urging countries to move beyond seeking opportunities to participate in global innovation and instead build the capacity to lead.
Also speaking at the conference, the Emir of Kano, Sanusi Lamido Sanusi, called on African leaders to take greater responsibility for the continent’s technological future through coordinated policies and institutional reforms.
On Nigeria’s economic situation, Sanusi urged President Bola Tinubu’s administration to adopt practical measures to address poverty and hunger. He acknowledged improvements in inflation and gross domestic product (GDP) growth but stressed the need for policies that directly address the challenges facing ordinary Nigerians.
Meanwhile, Chairman of the occasion, Atedo Peterside, attributed Africa’s technological disadvantages partly to widespread corruption, arguing that the misuse of public resources had weakened investment in critical sectors.
He called for stronger efforts to tackle corruption and redirect resources towards areas capable of driving economic growth and technological advancement.
The conference convener, Aruma Oteh, emphasised the importance of Africa’s domestic market in driving economic development. She also called for greater participation by retail investors in the continent’s capital markets.
The discussions highlighted the need for stronger leadership, effective reforms and increased investment in innovation to enable Africa to compete more effectively in the global technology economy.
