Nigeria, Oct. 9 -- African banks and institutional investors risk losing out to foreign investors unless they take the lead on urban development projects, says Sepo Haihambo, a pan-African banker and former CEO of FNB Commercial Namibia.

The comments follow EU data showing that towns and cities across the continent have rapidly expanded over the last 50 years.

This represents a golden opportunity for African banks to finance municipal growth, from housing to infrastructure projects, to drive domestic GDP, the banker and economist said.

Namibia, Rwanda, and Morocco have become top targets for foreign direct investment in energy, mining, manufacturing, as well as loans for large infrastructure projects.

While the economist recognises th...