Female investors and fund managers have called for deeper mobilisation of local capital as a critical driver of sustainable economic growth in Africa.
The appeal was made during a high-level panel at the 2026 World Economic Forum Annual Meeting in Davos, Switzerland.
The session, titled “She Builds, She Leads, She Scales: Women Shaping Africa’s Economic Future”, examined how structural barriers in finance and leadership can be dismantled to unlock productivity, accelerate innovation, and promote shared prosperity across the continent.
The Founder and Managing Partner of Aruwa Capital Management and sponsor of the panel, Adesuwa Okunbo-Rhodes, stressed that Africa’s investment ecosystem must prioritise self-sufficiency through strong domestic capital participation. She warned that overreliance on foreign funds exposes investments to flight risks during periods of macroeconomic instability.
Drawing from Aruwa Capital’s experience, Okunbo-Rhodes revealed that the firm’s second fund is three times larger than its first, largely due to strong participation from Nigerian institutional investors, including development finance institutions, pension funds, and local insurance companies.
She explained that local backing enhances credibility and signals confidence to foreign investors.
Okunbo-Rhodes said, “If local pools of capital are not investing in their own funds, it raises fundamental questions for foreign investors. The only way to change the narrative is through strong local participation.”
She further noted that Nigeria alone holds over $20 bn in pension assets, which can be strategically deployed to support indigenous fund managers and businesses. She commended the reforms by the new Director-General of PenCom to increase local pension fund investment in alternative assets.
Panellists also discussed the role of women in economic leadership, emphasising that Africa’s transformation must be built, led, and scaled by women to ensure sustainable and inclusive impact. Speakers highlighted the importance of redesigning financial systems, leveraging technology, and expanding leadership pathways to move women from economic contribution to economic control.
Moderated by Chief Growth Advisor at FINCA International and FINCA Ventures, Payel Farasat, the panel featured Founder of ShEquity, Pauline Koelbl, and Managing Partner at BKR Capital, Lise Birikubdavyi, who shared insights on gender-smart investing, capital access, and institutional reforms supporting women-led enterprises.
Participants agreed that removing structural barriers to finance is not just a gender issue but an economic imperative. Mobilising domestic capital, fostering inclusive leadership, and strengthening investor confidence were cited as essential steps to drive Africa’s economic growth.
