Tinubu seeks collective action on regional cooperation in Africa

President Bola Tinubu on Monday in Abuja called for collective action and regional cooperation among African countries in actualising transformative development on the continent.

Tinubu, represented by Vice-President Kashim Shettima, made the call while declaring open the Fourth Annual Meeting of Africa Sovereign Investors Forum (ASIF), hosted by Nigeria Sovereign Investment Authority (NSIA).

He said that shrewd utilisation of sovereign wealth funds was crucial in the ongoing efforts to close the infrastructure gap, build climate change resilience and create job opportunities for the growing youth population on the continent.

The president said that the forum’s meeting, with the theme: “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa,” was timely.

According to him, the meeting is holding at a time the world is witnessing rapid transformation and is under pressure to think outside the box.

Tinubu said that it was time to position the continent to seize the opportunities rooted in the wave of global change.

He urged African nations to take a cue from evolving sovereign wealth funds across the world, which had moved beyond serving as mere fiscal buffers to becoming architects of national transformation.

“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 stated.

The president acknowledged the fact that Africa is currently facing a development dilemma, as it contends with limited fiscal space, amid growing expectations and demands for long-term capital to fuel inclusive and sustainable growth.

He, however, identified creativity as a solution to the puzzle

“There can be no greater inspiration to re-imagine how we invest in setting up critical infrastructure, strengthening our climate resilience, promoting food security through agricultural innovation, supporting micro, small and medium enterprises or embracing digital economy to create jobs and expand opportunity.

“None of these is possible without catalytic institutions that combine strategic foresight with sound financial discipline.