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During his five-day tour of four African countries, which was cut down to two days in order to deal with the phone-hacking scandal back at home, Mr Cameron acknowledged that many people opposed to increasing foreign aid as austerity measures continue to bite.

In a speech in Lagos, Nigeria, he said: “There are some people back at home who don’t like Britain’s aid commitment. They see us make painful cuts to budgets at home and wonder why we are increasing our spending abroad”

“And they look at where some of our aid money has gone in recent years – on the wrong priorities and into the wrong hands – and think: this is all being wasted. They have a point. Some of our money has been wasted,” the Prime Minister admitted on his first official visit to sub-Saharan Africa.

However, Mr Cameron argued that that reasoning should not be held liable to end aid (planned to increase to £12 billion by 2014), but it was instead an argument to “change the way aid is delivered and that’s what we’re doing.”

He insisted UK aid contributions should rather be aimed at projects to support infrastructure like customs services, roads and the internet and to train business leaders, mathematicians and scientists, while stressing that it could boost growth and development as well as guide Africa to move off aid altogether.

With a 25-strong business delegation in tow, Mr Cameron pointed out that Africa had seen its number of democracies increase nearly eight-fold over the past two decades, having six of the ten fastest growing economies in the world and “is predicted by some to have the highest average GDP growth in the world over the next 40 years.”

He advised those in the West to take note of the potential success “story unfolding on this continent”.

Mr Cameron went on to promise to use loan guarantees and trade finance to help UK companies win contracts to pave the way for Britain to increase its 4% share in exports to Africa.

In addition, the Prime Minister assured transparency over aid contributions and announced that governments, NGOs as well as British ministers could be held accountable.

“We see Africa in a new way, a different way. Yes, a place to invest our aid. But above all a place to trade,” he declared.

In a joint opinion piece with the President of Nigeria - Goodluck Jonathan, published in Nigeria's Guardian newspaper, Mr Cameron highlighted that aid should be employed in a “catalytic way” to boost infrastructure and reduce trade barriers, saying that this, increased trade and a shift towards greater democracy on the continent could help transform Africa.

“It is now possible to imagine an Africa no longer dependent on aid, and a real source of growth for the whole world,” the Prime Minister said.

“And the road to get there lies through freeing up the wealth-creating power of enterprise and trade.”