Africa’s greatest obstacle is not a shortage of capital but a shortage of bankable projects.
That was the central message from the PMI Global Summit Series Africa in Kigali, where African Development Bank leaders and nearly 1,000 delegates emphasised that poorly prepared projects remain the biggest barrier to the continent’s transformation.
The Summit, according to a statement is the largest of its kind on the continent, which served as a powerful platform to discuss how Africa can turn its vast potential into reality through bankable projects, professional project management, and strategic partnerships that deliver long-term impact.

In his special address, Akinwumi Adesina, President (now former), African Development Bank (AfDB), emphasised that Africa is at a pivotal moment in history. “The world is becoming more African,” he said, noting that one in four people on the planet will soon be African. With 65% of the world’s uncultivated arable land, abundant critical minerals for the green transition, and 13 of the world’s fastest-growing economies, Africa is poised to drive global prosperity, he said according to the statement.

Yet to realise this potential, he stressed, Africa must close its infrastructure gap, estimated at $70 billion annually, and ensure that projects deliver real impact. “Projects must not just exist on paper,” Adesina said. “They must change lives. As one Kenyan beneficiary told me, ‘We once were in darkness. Now we have light.’ That is the true measure of success.”

Adesina highlighted AfDB’s High 5 priorities, Light up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve Quality of Life, which have already impacted over 565 million people. From expanding electricity access to building transport corridors and digital infrastructure, he emphasised that projects are the vehicles of transformation.

“At Project Management Institute (PMI), we believe project success is not measured only by schedules and budgets, but by outcomes that change lives. Adesina captured this perfectly when he said projects must change lives,” said George Asamani, MD, PMI Sub-Saharan Africa. “Africa’s future will be shaped not by the number of projects we launch, but by the impact those projects deliver.”

Building on this vision, Armand Nzeyimana, Director, Development Impact and Results Department at the AfDB, spotlighted a persistent obstacle: the shortage of well-prepared, bankable projects.

He explained that a bankable project is one that meets three essential tests: technical feasibility, with proven designs and resilient standards; financial viability, with clear revenue models and acceptable risk-return profile for investors; and robust risk management, where currency, political, and market risks are identified, allocated, and mitigated. “Without these fundamentals,” Nzeyimana said, “even the most noble intentions cannot secure the financing needed to move from paper to reality.”

He warned that poor preparation comes at a steep cost. Projects designed for five years often stretch to eight or more, with completion timelines extended by up to 50%. “The cost of delay is not just financial, it is developmental,” he said. “Every missed deadline slows progress on the Sustainable Development Goals and leaves millions waiting for essential services. Today, 600 million Africans remain without electricity. That statistic will not change without bankable projects.”

The choice of Kigali as host city reinforced the Summit’s theme, “Africa On Purpose.” Rwanda’s rapid transformation, ranging from major infrastructure investments to its growing role as a hub for tourism, sport, and innovation, offered delegates a vivid demonstration of purposeful leadership and disciplined execution. “Kigali is changing by the day,” Adesina noted, “and it shows what is possible when vision is matched with planning and delivery.” 

Source: businessday