American and African business leaders gathered in New York four days ago to discuss what they see as a fundamental shift in cross-continental investment: moving away from aid-dependent frameworks toward profit-driven partnerships that demand rigorous execution and mutual accountability.
The Cavista Holdings annual U.S.-Africa Leadership Dinner, held on the sidelines of the 81st United Nations General Assembly, brought together former President of Botswana Dr. Mokgweetsi Masisi, Nigeria's Minister of Education Dr. Maruf Tunji Alausa, the Emir of Kano HRH Muhammadu Sanusi II, Governor of Zamfara State Dr. Dauda Lawal, and former Governor of Ekiti State and former Minister of Mines and Steel Development Dr. Kayode Fayemi. The conversation centered on infrastructure, energy, agriculture, manufacturing, technology, and critical minerals—sectors where market demand, not government subsidy, will determine winners and losers.
The Private Partnership Model
Niyi John Olajide, Chairman of Cavista Holdings and the Corporate Council on Africa, framed the investment opportunity in terms that emphasize local accountability and sustainable returns rather than charitable intent. "The next phase of U.S.-Africa investment will be defined not simply by the availability of capital, but by the quality of the partnerships behind it," Olajide said. "Africa needs long-term capital, but investors also need trusted local partners who understand the market, the operating environment and the realities of execution."
That language matters. It reflects a recognition that capital flows to places where it can be deployed efficiently—where local governance is predictable, where partners understand their markets, and where execution actually happens. Olajide added: "There is a significant opportunity for U.S. businesses and investors to bring capital, technology and expertise to Africa, while African businesses bring local knowledge, resources, talent and access to growing markets. When those strengths are brought together with strong governance and a long-term perspective, we can move beyond conversations about Africa's potential to build businesses that deliver sustainable returns."
John Jovanovic, President and Chairman of the Export-Import Bank of the United States, echoed this sentiment while acknowledging the role of government-backed financing in de-risking early-stage partnerships. "Investing in Africa requires more than recognising the opportunity. It requires showing up early, understanding the market and building the right partnerships," Jovanovic said. "Africa is not a place to go alone. American companies can bring capital, technology and trusted solutions, while African partners bring local knowledge, relationships and an understanding of what it takes to execute on the ground."
The Export-Import Bank's function here is instructive: it doesn't replace private capital or create permanent dependency. Instead, it helps facilitate partnerships between private actors by reducing information asymmetry and initial risk. That's a limited government role—enabling markets rather than directing them.
Capital Meets Execution
Sameh Shenouda, Executive Director and Chief Investment Officer at Africa Finance Corporation, stressed that capital alone isn't sufficient. "Africa is increasingly central to the global economy, but capturing its opportunities requires more than capital," Shenouda said. "Investors need deep local knowledge and the ability to navigate very different markets and execute successfully. AFC combines capital, on-the-ground expertise and a proven track record to help turn Africa's opportunities into bankable, scalable investments."
Cavista Holdings itself demonstrates the model in practice. The group operates businesses across agriculture, food processing, financial services, hospitality, and technology. In Nigeria, Agbeyewa Farms is developing a large-scale cassava value chain in Ekiti State, while Matna Foods processes cassava into food-grade starch in neighboring Ondo State. PayZeep operates in financial services across Nigeria and Botswana. The hospitality sector is represented through Ikogosi Warm Springs Resort, operated by Glocient Hospitality. Through Cavista Technologies, the group provides technology services across Nigeria, India, Botswana, the Philippines, and the United States.
These aren't grant-funded projects or government-administered initiatives. They're businesses built on the assumption that they'll generate returns—and that those returns will incentivize reinvestment, job creation, and expansion.
Why This Matters:
This dialogue represents a significant reorientation away from the traditional development-aid model that has dominated U.S.-Africa relations for decades. When investment decisions are driven by profit motive and accountability to shareholders rather than political objectives or multilateral mandates, capital allocation becomes more efficient and outcomes more measurable. The emphasis on "strong governance" and "local partners" signals that U.S. investors won't tolerate the institutional instability or corruption that has historically deterred private capital flows. That's market discipline in action—far more effective than bureaucratic oversight. The involvement of the Export-Import Bank shows how limited government intervention can facilitate private-sector activity without crowding it out. For American businesses, Africa represents genuine growth opportunities in sectors from agriculture to technology. For African economies, this framework offers capital and expertise without the strings attached to traditional aid. The success of these partnerships will depend entirely on execution, returns, and the rule of law—metrics that align incentives rather than distort them.