Even though countries in Africa have been hit by external headwinds, the continent is well on the path to becoming more resilient with infrastructure projects and sound government policies in place, said the president and CEO of a development finance institution on Thursday.

"South Africa, Nigeria, Angola have dragged the continent behind," Samaila Zubairu, president and CEO of Africa Finance Corporation (AFC), told CNBC at the International Monetary Fund and World Bank meetings in Bali, Indonesia.

Those three economies — the largest in Africa — have performed below expectations, according to the IMF which said the continent as a whole would stand to benefit if the three countries were performing up to their potential.

The larger economies in Africa are "heavily dependent on commodity prices" and face more serious challenges compared to smaller countries such as Rwanda, Ethiopia, Kenya, Ghana and Tanzania that have fared better in terms of growth, Zubairu added.