AFRICAN nations need to strengthen domestic revenue sources, particularly by effectively managing natural resources, including minerals, and fostering partnerships with the private sector to close funding gaps for key development projects.

Vice President Dr Philip Mpango made this observation on Monday in an address to the 42nd summit of the African Union Development Agency (AUDA-NEPAD) board of Heads of State and government.

In the meeting held virtually, under the chairmanship of President Abdel Fattah El-Sisi of Egypt, the VP stressed the urgency of leveraging digital opportunities for Africa’s economic advancement. This includes improving access to digital infrastructure, enabling inclusive e-commerce and supporting the growth of small and medium-sized enterprises (SMEs) across the continent, he stated.

The VP called for increased African unity in ensuring peace and stability, especially in light of ongoing conflicts and wars in certain regions.

He described peace as a fundamental prerequisite for the successful implementation of Agenda 2063, which is intended to transform Africa into a prosperous and integrated continent.

Placing significant emphasis on the need for resilience against climate change, he urged African nations to adopt sustainable practices that mitigate environmental risks.

This effort would require robust funding mechanisms to prevent intense occurrence as well as addressing the impacts of climate change, he stated.

Greater investments are needed in renewable energy sources such as solar, wind and geothermal power, with African nations needing to explore the potential of emerging technologies like artificial intelligence to drive innovation and efficiency, he pointed out.

He affirmed Tanzania’s commitment to the Dar es Salaam Energy Declaration, designed to provide reliable electricity access to over 300 million people across the continent at the end of the decade.

The summit also reviewed the AUDA-NEPAD annual performance report for 2024, discussing achievements and identifying challenges.

The summit approved the establishment of the NEPAD Fund, a vital initiative to address financing gaps for Agenda 2063 projects and ensure sustainable revenue sources.