President Bola Tinubu has urged African countries to foster regional cooperation and deploy sovereign wealth funds strategically to fasten development across the continent.
He recently shared that proper usage of these national reserves is key for closing infrastructure gaps, improving climate resilience, and creating jobs for African youths.
Speaking in Abuja at the opening of the fourth Annual Meeting of the Africa Sovereign Investors Forum (ASIF), Tinubu disclosed that Africa needs to align its resources and ambitions to keep up with the fast-changing global landscape.
He appealed to African nations to emulate the example of evolving sovereign wealth funds globally, which now play vital roles in national transformation.
According to him, instead of being used solely as fiscal stabilisation tools, Africa must position itself to seize opportunities arising from the rapid transformation across the world.
BAT stated that the future of Africa does not lie in its nations working individually, but in deepening regional cooperation and collective ambition.
“This forum comes at a time the world is undergoing rapid transformation and is under pressure to think outside the box. For Africa, this is the moment to position itself to seize opportunities arising from these changes.
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 said.
Acknowledging the fiscal pressures African leaders are battling amid added pressure for inclusive and sustainable growth, Tinubu noted that being innovative and creative with how African resources are utilized is the way forward for the continent.
The President referred to the launch of the ASIF Investment Platform as a bold initiative that would aid financing for cross-border infrastructure, while triggering the continent’s sustainable development.
He concluded by commending the NSIA for its role in championing strategic infrastructure projects, describing it as a catalyst in Nigeria’s development agenda.
“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.
This is precisely why platforms like the Africa Sovereign Investors Forum are not just relevant but essential. ASIF offers a pan-African mechanism to harness the collective strength of our sovereign investment institutions. It gives us the power to share knowledge, co-invest across borders, and speak with a unified voice in the global financial ecosystem,” he added.
