President Bola Tinubu has emphasized that strategic utilization of sovereign wealth funds is essential for closing infrastructure gaps, building climate resilience, and creating employment opportunities for Africa's growing youth population.
Speaking at the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) in Abuja on Monday, Tinubu highlighted the importance of collective action and regional cooperation among African nations to achieve transformative development across the continent.
The event, hosted by the Nigeria Sovereign Investment Authority (NSIA), centered on the theme "Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa."
Vice President Kashim Shettima, who represented the President, noted that the forum comes at a critical time when the world is experiencing rapid transformation and facing pressure to innovate.
Beyond Fiscal Buffers to National Transformation
Tinubu urged African nations to position themselves to capitalize on opportunities arising from global changes, suggesting they should follow the example of evolving sovereign wealth funds worldwide that have progressed from being mere fiscal buffers to becoming drivers 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," the President declared.
While acknowledging Africa's development challenges, including limited fiscal space amid growing demands for long-term capital to fuel inclusive and sustainable growth, Tinubu identified creativity as a solution.
"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," he stated.
The ASIF meeting brings together sovereign wealth fund leaders from across Africa to discuss strategies for mobilizing capital and driving sustainable development initiatives on the continent.
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