President Bola Tinubu has said shrewd utilisation of sovereign wealth funds remains 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.
According to him, collective action and regional cooperation among African countries is key in actualising 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).
Tinubu who was represented by his deputy, Vice President Kashim Shettima, 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 President 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”.
ASIF: Tinubu harps on sovereign wealth fund to create jobs, bridge infrastructure gaps
