Nairobi: Africa's urbanization process is creating one of the largest long-term investment opportunities of our time in the fields of housing, infrastructure, climate-resilient construction, logistics, and technology, UN Deputy Secretary-General Amina Mohammed said during the 'Investor Session on Partnerships for Affordable Housing in Africa' organized within the framework of the World Urban Forum (WUF13), APA-Economics reports.

According to Azeri-Press News Agency, Amina Mohammed emphasized that a home is a fundamental environment where human potential is cultivated. However, more than 1.1 billion people globally are currently living in informal settlements, with over 300 million lacking shelter entirely.

A. Mohammed pointed out that while a significant portion of this housing challenge affects Africa, the continent also holds the solutions and potential for addressing these issues. Africa's population is projected to reach 2.5 billion by 2050, with the bulk of this growth occurring in urban areas. This demographic shift is expected to open up extensive investment opportunities across various sectors including housing, utility infrastructure, climate resilience, construction, urban economy, technology, and innovation.

The UN Deputy Secretary-General underscored that urbanization and housing issues are prioritized within the African Union's 'Agenda 2063' strategy. The initiative aims to ensure that all Africans have access to safe, clean, well-planned, and affordable housing.

A. Mohammed articulated that the next critical step is to convert political commitments into tangible projects by aligning national strategies with financial resources, integrating technical capacities with implementation partners, and creating projects that are ready for investment.

She further explained that affordable housing extends beyond being just a housing matter. It plays a crucial role in alleviating poverty, safeguarding health, advancing gender equality, and enhancing resilience against climate change.