Forum urges leaders to invest in Africa’s capital to preserve wealth
By Okeoghene Akubuike
The Africa Sovereign Investors Forum (ASIF) has urged leaders in the continent to invest and preserve wealth for future generations by investing in Africa’s capital.
Stakeholders at the forum made the call at the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) hosted by the Nigeria Sovereign Investment Authority (NSIA) in Abuja on Monday.
The two-day meeting was with the theme, “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa”.
Patrick Lumumba, a Professor of Public Law and Pan African Activist said that African leaders had an intergenerational duty to cater for generations yet to be born.
Lumumba urged African leaders to ask themselves how they want to be remembered, and be determined to liberate the continent economically.
He said that in spite of being the most resource-rich continent on earth, Africa was still poor.
“What are you doing with the income you are realising now so that your children and children’s children will have something to inherit.
“Ensure that out of every N100 that you sell oil for, we will keep two Naira for future generations.
“Let us make sure that our sovereign funds are invested in the continent of Africa,” he said.
Lumumba said that for Africa to move ahead, there must be time-bound approaches to decisions and policies.
“Let us unite and think of this generation and generations yet to be born through the creation of sustainable sovereign funds that will be Africa-wide. Let us make Africa great again because we were once great.”
Prof. Benedict Oramah, President, Afreximbank, said that African sovereign funds must invest in the African market and shun the notion that it is more risky to invest in Africa than foreign markets.
“Little consideration is given to the fact that investing a significant share of the funds in their home country may help mitigate some of the risks and perhaps help grow the size of the fund.
“Let us deploy Africa’s capital in a way that truly unlocks the immense inherent wealth and potential that lies within the continent.
“Let us use our money to develop our countries, and not use our money to develop others.
“If you use the money to create new wealth, even if your capital quantity decreases, you have a chance to preserve your capital,” he said.
Mr Sumaila Zubairu, President/CEO, African Finance Corporation, said that Africa’s capital must remain in the internal reserves of African countries.
Zubairu said that the capital should also be used in more productive sectors of the African economy, urging the continent to understand its peculiar challenges.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said that African sovereign wealth funds must become active instruments for economic transformation.
Edun said that this could be achieved through collaborations like the ASIF.
“We must be able to attract and crowd in investment, and we must convince ourselves that private sector financing is key, and we must meet their terms and make conditions amiable for them.”
He highlighted three areas Africa must focus on, including capital mobilisation at scale, regional and continental collaborations, and human capital and policy alignment.
According to him, these must be driven by the African sovereign wealth funds leading the way.
Mr Obaid Amrane, Chairman, ASIF said that there was a need for Africa to invest jointly in logistical, digital, and social infrastructure .
Amrane said that by doing so supply, chains would be shortened, intra-Africam trade would be deepened and a strong , healthy and resilient continent would be built, which would reduce Africa’s collective exposure to global uncertainty.
He said that infrastructure was a key challenge on the continent, andaddressing it could boost productivity, enhance value chains in agribusiness, pharmaceuticals, and digital services, and promote inclusive prosperity.
“This is precisely why we will promote and foster transformative investment, as well as those that create decent jobs today while preserving our resources for future generations.
“Africa’s sovereign capital is not only ready to fund its future, it is ready to shape it for the benefit of current and future generations,” he said.
Dr Segun Ogunsanya, Chairman, Board of Trustees, NSIA said that Africa should pirioritise local capital formation and large scale infrastructure projects in key sectors, and avoid fanciful investment trends that were not relevant to Africa .
The News Agency of Nigeria (NAN) reports that 27 African nations were present at the meeting, and non-regional participants like the China investment wealth fund.(NAN)
Edited by Kadiri Abdulrahman
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