Nigeria Has Greatest SDG Infrastructure Opportunities Of $114.2Bn In Africa By 2030
The Standard Chartered, an international banking group, has issued a study that looks at the most impactful opportunities for investing in three infrastructure-focused Sustainable Development Goals, SDGs in five high-growth markets in Africa.
The Opportunity2030 reveals a $197 billion opportunity for private-sector investors in five high-growth markets in Africa to help achieve the UN’s Sustainable Development Goals (SDGs), with improving digital access making up $74.5 billion of that total.
According to the report, driven by its large and growing population, Nigeria offers the greatest overall opportunity across the SDG indicators measured with a total of $114.2 billion), followed by Kenya ($40 billion)
The study highlights opportunities for investors to contribute to three infrastructure-focused goals between now and 2030.
The infrastructure focussed goals includes Clean Water and Sanitation, SDG 7, Affordable and Clean Energy and SDG 9, Industry, Innovation and Infrastructure across emerging markets.
Across all the world’s emerging markets, Oportunity2030 identifies a $10 trillion opportunity for private sector investors. This represents around 40 per cent of the total funding required to meet specific indicators within the three SDGs – allowing for population growth as well as maintaining current access – with public funds expected to provide the bulk of the investment.
Five African countries that are included in the study are Nigeria, Ghana, Kenya, Uganda and Zambia.
The report identifies key highlights to include, providing universal digital access which represents the greatest investment opportunity for the private sector by 2030 valued at $74.5 billion, followed by universal access to power, $65.8 billion, transport infrastructure, $46.4 billion and access to clean water and sanitation $10.3 billion.
The biggest single opportunity across the African markets in the study is in increasing digital access a combination of mobile phone subscriptions rates and internet connectivity in Nigeria with value of $47.4 billion.
Driven by its large and growing population, Nigeria also offers the greatest overall opportunity across the SDG indicators measured (a total of $114.2 billion), followed by Kenya $40 billion
Zambia and Kenya present a big opportunity to make an impact on SDG 6 (Clean Water and Sanitation): With an average of 43 per cent and 56 per cent of the population respectively currently lacking access to clean water and sanitation, there is a $2.3 billion private-sector investment opportunity to help close the gap by 2030
Uganda presents a meaningful opportunity to make an impact on SDG 7 (Affordable and Clean Energy): with just 22 per cent of the population that has access to electricity, there is a $6.1 billion private-sector investment opportunity to help achieve universal access by 2030
The greatest investment opportunity in Ghana is in achieving and maintaining universal access to electricity (a key SDG 7 indicator), representing a $7.8 billion private-sector opportunity.
Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered, said: “The UN Sustainable Development Goals are amongst the most ambitious projects humanity has ever attempted. As well as offering our best hope yet of tackling the world’s most serious challenges, they also offer a unique opportunity for the private sector.
“For the goals to be met in Africa, the private sector must play a central role in deploying capital to get projects off the ground. Opportunity2030 provides a map of these opportunities, revealing the sectors and markets where investors can best contribute to the SDGs whilst achieving sustainable returns.”
“Currently, not enough capital is reaching the countries that need it the most. With the UN’s 2030 deadline for achieving SDGs just 10 years away, the time to act is now,” Kaushal concluded.