Abuja: The Africa Sovereign Investors Forum (ASIF) has called upon leaders across the continent to prioritize investment in Africa's capital to ensure the preservation of wealth for future generations. This appeal was made during the 4th Annual Meeting of the ASIF, hosted by the Nigeria Sovereign Investment Authority (NSIA).
According to News Agency of Nigeria, stakeholders at the forum emphasized the importance of utilizing Africa's sovereign wealth funds to mobilize global capital for transformative development within the continent. The two-day event, held under the theme 'Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa', brought together key figures and experts to discuss strategies for economic growth and sustainability.
Patrick Lumumba, a Professor of Public Law and Pan African Activist, highlighted the intergenerational responsibility of African leaders to ensure economic liberation for the continent. Despite Africa's vast resources, he pointed out that the continent remains impoverished, urging leaders to save a portion of current revenues for future generations and to invest sovereign funds within Africa.
Prof. Benedict Oramah, President of Afreximbank, reinforced the need to invest in African markets, dismissing the misconception that investing domestically is riskier than foreign markets. He advocated for the deployment of Africa's capital in ways that unlock the continent's potential, emphasizing the importance of using funds to develop Africa rather than external economies.
Mr. Sumaila Zubairu, President/CEO of the African Finance Corporation, stressed the importance of retaining Africa's capital within the continent and investing in productive sectors. He called for a deeper understanding of Africa's unique challenges to effectively utilize its resources.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated that African sovereign wealth funds should be instrumental in driving economic transformation. He identified capital mobilization, regional and continental collaboration, and human capital policy alignment as key focus areas for Africa, with sovereign wealth funds leading these efforts.
Mr. Obaid Amrane, Chairman of ASIF, highlighted the need for joint investments in logistical, digital, and social infrastructure to enhance productivity and intra-African trade. Such investments, he argued, would build a resilient continent and reduce Africa's vulnerability to global uncertainties.
Dr. Segun Ogunsanya, Chairman of the Board of Trustees at NSIA, advised Africa to prioritize local capital formation and large-scale infrastructure projects, avoiding investment trends that do not align with the continent's needs.
The meeting, attended by representatives from 27 African nations and non-regional participants like China's investment wealth fund, underscored the collective resolve to harness Africa's sovereign capital to shape a prosperous future.