Nigerian tycoon Abdul Samad Rabiu recently launched a $100-million Africa fund called the Abdul Samad Rabiu Initiative. It will be an annual program starting in 2021 that will dispense $50 million to Nigeria and $50 million to the rest of Africa.
The fund will provide support for Nigerians and Africans in infrastructure and capacity development and support the efforts of various governments in Sub-Saharan Africa.
Speaking with Leadership, Rabiu mentioned his years of active involvement in corporate philanthropy in various sectors – health, education, community development, water and sanitation and sports through his BUA Foundation.
In a newsletter, the African Development Bank (AFDB) emphasized the significance of infrastructure development for the continent. It highlighted infrastructure development as a key driver for progress across Africa and a critical enabler for productivity and sustainable economic growth, which contributes significantly to human development, poverty reduction and the attainment of Millennium Development Goals.
In 2018, Financing Africa’s Infrastructure Development was the special theme of that year’s edition of the ADFB’s “African Economic Outlook.” The report underscored that Africa’s infrastructure requires from $93 billion per year to $130-$170 billion.
However, a strong partnership and commitment between the government, private investors and philanthropy (such as the Abdul Samad Rabiu Initiative and the Tony Elumelu Foundation) will help to flatten Africa’s infrastructure deficit curve.
The fund will focus on infrastructure and capacity development in the education, health and social development sectors and support government efforts throughout the region.
“Our broad focus is equipping facilities, our researchers, healthcare practitioners and community-level service providers, with the aim of providing sustainable solutions for generations to come,” Rabiu said.