African capital market players have agreed to pursue common regulations, interconnected securities exchanges and a continental infrastructure fund in a fresh effort to unlock cross-border investment.
The commitments are contained in the Nairobi Declaration for Deepening Africa’s Capital Markets, adopted at the inaugural Africa Capital Week 2026 forum in Nairobi.
The forum attracted more than 500 delegates from 16 African countries and beyond, bringing together policymakers, regulators, investors, project sponsors and financial institutions.
The declaration proposes the establishment of an African Securities Regulators Association to coordinate discussions on cross-cutting regulatory issues and harmonise rules that restrict the movement of capital across the continent.
It also calls on securities exchanges to accelerate their integration through the African Securities Exchanges Association (ASEA), supported by technology, while market intermediaries expand intra-African securities trading through the Africa Stockbrokers and Securities Dealers Association (ASSDA).
The measures are expected to make it easier for investors in one African country to access investment opportunities in other markets, many of which remain fragmented by different regulations, taxes, foreign exchange controls and settlement systems.
Delegates also committed to accelerating the establishment of a Pan-African Infrastructure Fund that would direct a greater share of the continent’s growing pension savings towards infrastructure projects.
Africa continues to face a significant infrastructure financing gap despite holding large pools of long-term capital in pension funds and other institutional investments.
The declaration calls for engagement with the African Union Commission to position capital markets as a key enabler of Agenda 2063, the continent’s long-term development framework.
It also directs stakeholders to identify and finance investment opportunities emerging from the African Continental Free Trade Area (AfCFTA), including regional value chains and increased intra-African trade.
At the same time, governments and regulators have been urged to remove unnecessary tax, regulatory, foreign exchange, settlement and administrative barriers to capital movement while maintaining investor protection and financial stability.
The forum showcased 20 investment-ready projects spanning energy, food security, transport, trade, technology, minerals, social infrastructure and private-sector development.
Delegates assessed how the projects could be financed through debt, equity, blended finance, guarantees and public-private partnerships.
The discussions are being followed by guided visits to Kenya Vision 2030 flagship projects and private-sector investment sites from September 9 to 11. Investors will meet project sponsors to examine project readiness, financing requirements, risk allocation and potential investment structures.
Principal Secretary for Economic Planning Bonface Makokha said African governments must transform development priorities into projects capable of attracting private capital.
“A development priority is not automatically an investible asset. We must convert our plans into credible projects, our projects into bankable assets, and our investments into measurable improvements in productivity, employment and household welfare,” Dr Makokha said.
“Government cannot finance everything. But government can make much more of Africa financeable.”
He said progress would be judged by the amount of capital raised, businesses financed, projects completed and jobs created rather than the number of declarations adopted.
Dr Makokha formally closed the main forum alongside Principal Secretary for Micro, Small and Medium Enterprises Development Susan Auma Mang’eni.
Africa Capital Week 2026 Organising Committee chairman Emmanuel Nzai said the initiative was intended to build the institutional links required to connect African capital with viable investment opportunities.
“The success of this forum will be measured not by the conversations we had in Nairobi, but by the partnerships created, the resources mobilised, and the projects that have progressed since then,” said Dr Nzai, who is also chairman of the Vision 2030 Delivery Board.
The forum was opened on Monday by Prime Cabinet Secretary and Foreign and Diaspora Affairs Cabinet Secretary Musalia Mudavadi.
Africa Capital Week will be held annually on a rotational basis across the continent. Lagos, Nigeria, will host the second edition from September 6 to 10, 2027, when delegates are expected to review progress on the commitments made in Nairobi.
