NEWS AGENCY OF NIGERIA
Forum urges leaders to invest in Africa’s capital to preserve wealth

Forum urges leaders to invest in Africa’s capital to preserve wealth

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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

Wings of Pride: Celebrating Nigerian Air Force at 61

Wings of Pride: Celebrating Nigerian Air Force at 61

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By Sumaila Ogbaje, News Agency of Nigeria (NAN)

Since its establishment on April 18, 1963, the Nigerian Air Force (NAF) has played a vital role in defending Nigeria’s sovereignty, protecting its airspace, and contributing to regional stability.

By many accounts, the NAF has demonstrated remarkable commitment to its mission, with personnel displaying exceptional bravery, skill, and professionalism.

From counter-insurgency operations to humanitarian assistance, the NAF has consistently risen to the challenge, putting the nation’s interests above all else.

The NAF has played a crucial role in supporting ground troops in the fight against Boko Haram and other terrorist groups, and has also provided critical support during natural disasters, evacuating citizens and delivering aid to affected areas.

It has contributed to regional stability through its participation in peacekeeping missions and joint exercises with neighbouring countries.

As the NAF celebrates its 61st anniversary, it continues to modernise and adapt to emerging challenges.

The acquisition of new aircraft, upgrade of existing platforms, and investment in cutting-edge technology are some of the initiatives aimed at enhancing the NAF’s operational capabilities.

At the event commemorating NAF’s 61st anniversary, it showcased a lot of breakthroughs in platforms procurement and advancement in Research and Development (R&D) efforts as well as induction of the first batch of the newly acquired Agusta 109 Trekka Helicopters by President Bola Tinubu.

The president, who was represented by Vice-President Kashim Shettima, said he was very emphatic on assumption of office that security would be a top priority of his administration, as neither economic prosperity nor justice can prevail amidst insecurity and violence.

He said the induction of the new combat helicopters marked another milestone in his unwavering commitment to strengthen the nation’s armed forces, particularly the Air Force towards a more secure Nigeria.

Tinubu said the acquisition was made alongside orders like the Diamond 62 Surveillance Aircraft, the T-129 Attack Helicopters, the King Air 360 aircraft, as well as others that will be delivered in the coming months.

“Let me use this opportunity to assure you all that my administration will continue to support the Nigerian Air Force and indeed other security agencies by giving due attention and priority to fleet modernisation as well as training and welfare of our men and women in uniform.

“As your commander-in-chief, I understand that a well-equipped military is essential not only for securing our nation but also for preserving our democracy.

“A democratically stable Nigeria is fundamental to our national progress and regional peace and the defence of democracy requires a military that is well-prepared, well-trained and well-equipped,’’ he said.

The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, said the dynamic security landscape of the nation demands an agile, well-equipped and responsive air force capable of rapid deployment across multiple theatres.

He said the reality underscored the need for continuous investments in modern platforms to bolster the Nigerian Air Force’s capacity to deliver air power across all spectrums of warfare.

Abubakar said the successful acquisition of the Augusta Westland 109 Trekka helicopter was a significant leap in our modernisation efforts of the NAF.

The air chief said the helicopter was designed to operate in challenging environments, providing critical support to both military and civil operations, including disaster relief and humanitarian missions.

“By inducting this platform into the NAF, the service is further strengthening its multi-domain operational capability, making us more responsive and efficient in the protection of Nigeria’s territorial integrity.

“It is noteworthy that from 2024 to date, NAF has received a total of nine brand-new aircraft into its inventory, comprising four C-129 attack helicopters, three King Air 360 aircraft, as well as the two Agusta 109 trekker helicopters being inducted.”

Abubakar said the NAF was poised to receive 49 more aircraft within the next two years, in line with Mr President’s firm commitment towards Nigerian security.

He said the 49 aircraft being expected included 10 additional A-109S trekkers, 12 AH-1 Zulu attack helicopters, 24 M-346 attack and ground attack aircraft, and three Kata 295 medium airlift aircraft.

According to him, the acquisitions will significantly bolster precision strike, ground attack, and air mobility capabilities, to support counter terrorism, and counterinsurgency operations.

In the area of building local capacity through research and development, the air chief said the NAF was optimising strategic partnerships in artificial intelligence, unmanned aerial vehicle research and development, small arms and rocket developments, as well as radar enhancements.

He said that NAF’s various research and development institutions, such as the Air Force Institute of Technology, were partnering with universities and government institutions towards accelerating their research and development capabilities.

“As part of efforts to optimise our employment of NAF platforms, we have recorded research and development breakthroughs, such as revalidation of the Alpha Jet aircraft ejection seats, retrofitting of unserviceable 68mm rockets, and the development of a test kit for determining the specific impulse of pyro cartridges, amongst several others.

“Also, just two weeks ago, I inaugurated a research committee tasked with initiating the local production of the C-5 57mm rockets integral to some of our attack platforms.

“These achievements highlight our shift towards self-reliance and resilience in defence technology,’’ he said.

During the signing of Memoranda of Understanding (MoU), with Lagos State University and a local defence firm, EPAIL Nigeria, the CAS expressed the desire of the NAF to pursue locally driven solutions in addressing the nation’s security challenges.

According to him, in a rapidly changing world, the ability to continue to anticipate, rapidly adapt and innovate is imperative for the transformation of the NAF into an agile and resilient force that effectively meets the air power demands of national security in all operational environments.

Abubakar said the NAF had since 2015, flown over 8,000, conducted more than 80,000 sorties with only few verified incidences of collateral damage.

He said it represented an occurrence rate of less than 0.005 per cent, an exceptional record by global standards, particularly within the complexities of asymmetric warfare.

The CAS said that in the few instances where civilian casualties were reported, the NAF had promptly conducted investigations, accepted responsibility with deep regret, and taken necessary corrective actions to prevent future occurrences.

According to him, the service has proactively invested in advanced technologies and robust protocols aimed at preventing civilian casualties.

In his remarks, the Vice President, Defence Industries Association of Nigeria (DIAN), Ade Ogundeyin, commended the NAF for its continuous efforts in modernising air operations, enhancing research and development, and fostering civil military cooperation.

Ogundeyin said that DIAN was established to promote local industry, defence manufacturing, and enhance Nigeria’s military industrial capabilities, aimed to advance indigenous defence technology through innovation and strategic partnerships.

He said that by fostering partnerships between defence industries and institutions, research bodies, and the academia and private industries, Nigeria was positioning itself for self-sufficiency in aerospace technology and defence manufacturing.

Available data indicates that the NAF has contributed to UN peacekeeping operations, providing air support and transportation services to peacekeeping troops in addition to its internal security operations over the years.

By participating in global and regional security initiatives, the NAF has demonstrated its commitment to protecting Nigeria’s interests and contributing to international peace and security.

The NAF’s global ranking is 54th in terms of airpower, according to the Global Firepower Index 2025 while ranking third in Africa, behind Egypt and Algeria, with a firepower index of 0.5771.

As part of measures to mitigate civilian casualties during air operations, the NAF also unveiled the Civilian Harm Mitigation and Response Action Plans Document during the NAF Day 2025 Seminar.

The seminar was part of activities marking NAF’s 61st anniversary in Abuja.

Experts are of the view that with continuous training of its personnel, systematic upgrading and acquisition of modern combat equipment, the NAF will continue to prove its mettle in protecting Nigeria’s airspace. (NANFeatures)

***If used, please credit the writer and the News Agency of Nigeria

Russia remains reliable partner contributing to Africa’s sovereignty – Lavrov

Russia remains reliable partner contributing to Africa’s sovereignty – Lavrov

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Russian Foreign Minister Sergey Lavrov has said that Russia remains a reliable partner to Africa and will continue to contribute to the continent’s sovereignty.

The Russian Foreign Minister said this at a reception held in Moscow on the occasion of Africa Day, as published by the official website of the Russian Foreign Ministry, partners of TV BRICS.

The event was attended by Lavrov and the Ambassador of the Republic of Cameroon to the Russian Federation, Mahamat Paba Sale.

“Russia remains a reliable partner contributing to Africa’s sovereignty,” the Russian minister said.

Lavrov also underscored the importance of Africa in international politics and the historical process.

“Our country is invariably in favour of expanding traditionally friendly relations with African partners,” he added.

He emphasised Russia’s support for strengthening education and economic development of African countries.

Responding, Sale noted the “special importance” of Russian-African relations.

“Russia has played a key role in the process of independence of African countries, supporting the aspiration for progress of their peoples,” the Cameroonian diplomat said.

According to him, Russian universities train qualified personnel who are in demand in Africa, while the expansion of trade ties brings tangible benefits to local economies.

Sale expressed confidence that the partnership between Russia and Africa will only get stronger.

He expressed gratitude to the Russian side for the attention and support it is giving to Africa. (TV BRICS/NAN) 

Edited by Emmanuel Yashim

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