From Lagos to Johannesburg: Nigerian Billionaire Adebayo Ogunlesi Bets Big on South Africa’s $30 Billion Infrastructure Rebound

US-based Nigerian billionaire Adebayo Ogunlesi is making a bold move to significantly expand his roughly $30 billion asset footprint in South Africa over the next five years, positioning Africa’s most industrialized economy as a prime destination for large-scale infrastructure capital.

Speaking at the BlackRock South Africa Infrastructure Investment Summit in Cape Town, Ogunlesi chairman and CEO of Global Infrastructure Partners (now part of BlackRock) said the country's chronic infrastructure deficits in energy, transport, and logistics present a major long-term opportunity, provided policy consistency and implementation improve.

"We think infrastructure in South Africa and across the continent is at an inflection point. South Africa has underinvested in the infrastructure that underpins its strength and vitality," Ogunlesi said.

BlackRock currently oversees around R500 billion (approximately $28–$30 billion) in South Africa-linked assets under management. Ogunlesi expects this exposure to grow substantially as investment conditions strengthen.

He emphasized that investor confidence hinges on regulatory clarity and efficient infrastructure delivery, noting that South Africa is competing directly with developed and emerging markets for global capital. He also pointed to rising demand for digital infrastructure including data centers and power capacity driven by AI and cloud computing.

"In the 21st century, there is no excuse for unreliable electricity supply. Reliable and affordable energy is a foundation requirement for growth," he said.

President Cyril Ramaphosa, who joined Ogunlesi at the summit, highlighted recent investment momentum, including a $500 million commitment from BlackRock to the African Infrastructure Fund III and a record $54 billion in new pledges secured at the 6th South Africa Investment Conference.

Ramaphosa noted that the country attracted about R1.5 trillion in investment commitments between 2018 and 2023, spanning energy, telecoms, manufacturing, and mining. The government has now set a new target of R3 trillion (about $180 billion) in investments over the next five years.

Despite lingering challenges including periodic xenophobic tensions, high unemployment, and service delivery frustrations Ramaphosa used the summit to pitch South Africa as a continental investment gateway and called for deeper private sector participation in infrastructure development