In a fiery rebuke of outdated fiscal strategies, President Bola Ahmed Tinubu has called on African leaders to halt the export of capital and instead weaponize their sovereign wealth funds to drive development across the continent.
Speaking through Vice President Kashim Shettima at the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) in Abuja, Tinubu issued a wake-up call: “Our future lies not in working in silos but in pooling our resources for the benefit of Africa.”
Amid rising inflation, youth unemployment, and widening infrastructure gaps, Tinubu’s message was clear — Africa must stop bleeding capital to foreign economies while its own people suffer.
The event, hosted by the Nigeria Sovereign Investment Authority (NSIA), carried the theme: “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa.” But Tinubu’s tone suggested urgency over cooperation.
“Sovereign wealth funds must become anchors for pan-African investment — not just rainy-day accounts,” he declared, challenging governments to shift from conservative savings to bold strategic investments.
Observers say the statement draws attention to a long-standing African paradox: billions of dollars in national reserves invested abroad while roads crumble, healthcare systems collapse, and millions remain unemployed.
Tinubu’s comments were echoed by notable figures at the event.
Renowned Pan-African scholar Prof. PLO Lumumba delivered a blistering critique of Africa’s financial priorities:
“Africa is not poor. Our wealth is misallocated. It is an intergenerational betrayal to send our money abroad while our youth languish in poverty.”
Lumumba’s remarks were met with applause — and quiet discomfort — from some leaders present.
Finance Minister Wale Edun focused on solutions, advocating for large-scale capital mobilisation, human capital development, and intercontinental cooperation. Meanwhile, AfreximBank President Prof. Benedict Oramah pushed for a new mindset:
“There’s a misconception that Africa lacks bankable projects. The truth is, our fund managers are scared to bet on Africa.”
ASIF Chairman Obaid Amrane and NSIA Managing Director Aminu Umar-Sadiq both reaffirmed their commitment to transforming sovereign funds into engines of high-impact, cross-border investment.
But despite the optimism, critics say Tinubu’s bold ideas will require more than conferences — they demand political will, transparency, and a break from the elitist financial orthodoxy that’s long kept Africa dependent on foreign approval.
The big question remains: Will African leaders heed the call — or will sovereign wealth continue to enrich others while the continent begs for aid?
