‘It’s Africa’s Time, Africa’s future lies in collective action’ -Nigeria’s Vice President
By: Goodluck E. Adubazi, Abuja.
Nigeria’s Vice President, Senator Kashim Shettima, GCON, has emphasized the importance of collective action and strategic investment in developing Africa.
Speaking at a conference, the 4th Annual meeting of Africa sovereign investors forum -ASIF 2025, at the Transcorp Hilton Abuja, on Monday, 16th June, 2025, with a theme: “Leveraging African sovereign wealth funds to mobilize global capital for transformative development in Africa, Shettima noted that Africa’s future lies in leveraging its collective strength to mobilize capital and attract investment.
Senator Shettima highlighted the need for a Pan-African mechanism to handle the collective strength of sovereign investment institutions, enabling them to generate capital across borders and attract global institutional investors. Shettima commended the African Sovereign Investment Institutions Conference (ASIC) for its efforts in deepening collaboration among Africa’s sovereign investment authorities.
Standard Times Nigeria has reported that Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Hon. Wale Edun, has said Africa needs to Leverage Its Own Resources for Growth.
The Honourable Minister, Wale Edun
emphasized the importance of leveraging Africa’s own resources to drive growth and development.
The Honourable Minister of Finance and Coordinating Minister of the Economy stated this while welcoming 17th African countries at the 4th Annual Meeting of the Africa Sovereign Investors Forum conference. Wale Edun noted that Africa needs to mobilize its own resources and invest them for investment within the continent.
He highlighted Nigeria’s recent success in launching a US dollar-denominated domestic bond using local infrastructure and credit rating agencies.
Edun also emphasized the need for Africa to stop exporting raw materials and focus on industrialization, citing Nigeria’s plans to increase its crude refining capacity as a step in the right direction.
The Minister called on sovereign wealth funds to play a more active role in driving economic transformation, mobilizing capital, and attracting international finance.
“He also highlighted the importance of regional collaboration, human capital development, and policy alignment in achieving Africa’s development goals.
Meanwhile, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has emphasized the need for Africa to leverage its own resources to drive development.
Oramah stated this in his welcome speech at a conference. Oramah noted that Africa’s economic growth is hindered by limited capital mobilization and called for changes in the philosophical foundations of African institutions.
He highlighted the importance of sovereign wealth funds playing a more active role in driving economic transformation and mobilizing capital for industrialization and wealth creation. Oramah also emphasized the need for African institutions to invest in domestic projects, citing examples of successful investments in infrastructure, healthcare, and technology
“The distinguished Professor of public law and Pan-African activist, Prof. PLO Lumumba, has emphasized the need for Africa to take control of its economic destiny. Speaking at a conference on sovereign wealth funds, Lumumba noted that Africa’s economic growth is hindered by external dependence and called for African leaders to think differently to drive development.
He highlighted the importance of investing Africa’s resources in the continent, citing examples of successful investments in infrastructure, healthcare, and technology. Lumumba also emphasized the need for African institutions to be more proactive in driving economic transformation and for African leaders to prioritize the interests of their people.
The professor also criticized the current state of Africa’s economies, noting that despite being rich in resources, the continent still relies heavily on external aid and expertise.
He called on African leaders to work together to develop sustainable solutions to the continent’s economic challenges and to prioritize the needs of future generations.
In the same vein, the Managing Director and CEO of the Nigerian Sovereign Investment Authority (NSIA), Aminu Umar-Sadiq, has emphasized the importance of strategic partnerships in driving Africa’s development. Speaking at a conference, Umar-Sadiq highlighted the need for African sovereign investment funds to strike a balance between taking risks to catalyze economic impact and being conservative investors to manage wealth for future generations.
He also emphasized the importance of collaboration between stakeholders, including regulators, investors, entrepreneurs, and idea creators, in driving economic transformation and creating opportunities for future generations.
The NSIA is expected to sign several investment and strategic agreements during the conference, which will give impetus to transformative investments and partnerships in Africa.
The Chairman of the Africa Sovereign Investors Forum (ASIF), Obaid Amrane, also emphasized the importance of collective action and regional integration in driving Africa’s development.
In a statement at the Fourth Annual Meeting of ASIF, Amrane noted that Africa’s future depends on strategic investments and partnerships that can attract long-term capital and catalyze development.
He highlighted the need for African sovereign investors to work together to close the continent’s funding gap and promote transformative investments that can generate value chains in agribusiness, pharmaceuticals, and other sectors. Amrane also emphasized the importance of creating decent jobs and promoting inclusive prosperity for current and future generations.
