President Bola Tinubu has called for collective action and regional cooperation among African countries in actualizing transformative development on the continent.
The President gave the charge on Monday in Abuja when he declared open the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF), hosted by the Nigeria Sovereign Investment Authority (NSIA).
Specifically, he said astute utilization of sovereign wealth funds is crucial in ongoing efforts to close the infrastructure gap, build climate change resilience and create job opportunities for the growing youth population on the continent.
President Tinubu noted that the forum’s meeting with the theme, “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa,” was holding at a time the world is witnessing rapid transformation and is under pressure to think outside the box.
For Africa, the Nigerian leader said it is time to position the continent to seize the opportunities rooted in the wave of global change, just as he asked African nations to take a cue from evolving sovereign wealth funds across the world, which have moved beyond serving as mere fiscal buffers to become architects of national transformation.
“Our future lies not in working in silos but in pursuing regional cooperation and collective ambition. Our sovereign wealth funds must become the anchors for pan-African investment platforms that de-risk projects, standardise processes, and deliver sustainable outcomes at scale. This is not just a strategy. This is a necessity,” he declared.
Acknowledging that Africa is currently facing a development dilemma, as it contends with limited fiscal space amid growing expectations and demands for long-term capital to fuel inclusive and sustainable growth, President Tinubu, however, identified creativity as a solution to the puzzle.
He said, “There can be no greater inspiration to reimagine how we invest, whether in setting up critical infrastructure, strengthening our climate resilience, promoting food security through agricultural innovation, supporting micro, small and medium enterprises, or embracing the digital economy to create jobs and expand opportunity.
“None of these is possible without catalytic institutions that combine strategic foresight with sound financial discipline. This is why the Nigeria Sovereign Investment Authority stands not only as a steward of our sovereign capital but as a vehicle for the delivery of strategic infrastructure.
“It is a catalyst in our national quest to redeem renewable energy, healthcare, agriculture, and much more. It is also a hub for pioneering innovative capital mobilization solutions tailored to the realities of our continent.”
The President noted that ASIF has the pan-African apparatus to harness the collective strength of the continent’s sovereign investment institutions, stressing that the time to act was now.
He applauded the formal launch of the ASIF Investment Platform, saying it is a strategic initiative that deepens collaboration among Africa’s sovereign wealth funds.
Priorities
Nigeria’s Minister of Finance, Mr Wale Edun, listed priorities for stakeholders at the forum to include capital mobilisation at scale, regional and intercontinental collaboration, human capital and policy alignment, noting that they are critical for transformative development across the continent.
He expressed hope that the ASIF meeting would birth significant transactions that can mobilise the required resources, drive economic transformation across Africa, forge impactful partnerships and build a sustainable future.
Chairman of African Sovereign Investors Forum (ASIF), Mr Obaid Amrane, said while Africa is open for business, the forum is committed to facilitating the participation of sovereign investors in Africa’s transformation.
He said in just three years, ASIF has made significant strides in enhancing Africa’s global positioning, closing the infrastructure funding gaps across the continent and promoting greater collaboration among governments and sovereign investors in transformative projects that impact lives across the length and breadth of the region.
The Managing Director, Nigeria Sovereign Investment Authority, Mr Aminu Umar-Sadiq, explained the focus of the meeting, noting that private capital plays a critical role in driving investments in infrastructure development on the continent.
He outlined the priority areas of the meeting and noted that the forum will catalyse investments across Africa and beyond, impacting lives through projects across diverse fields.
Investment
Pan-African activist, Prof. PLO Lumumba, called on leaders across Africa to leverage huge resources domiciled on the continent to invest in the future of unborn generations by investing more within the continent, noting that sovereign funds should be invested within and not outside Africa.
He said it is an intergenerational duty for political and economic leaders on the continent to cater for generations yet unborn, adding that Africa’s resources are inexhaustible, hence leaders must invest in the future of generations to come.
Olusola Akintonde