Patrick Lumumba, a professor of public law and pan African activist, has advised the federal government to save N2 from every N100 earned from oil for future generations.
The event, hosted by the Nigeria Sovereign Investment Authority , was themed ‘Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa’.Lumumba said African leaders have a duty to care for future generations and must reflect on their legacy, noting that despite Africa’s rich natural resources, the continent remains poor.
“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.“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.”
Sumaila Zubairu, chief executive officer of the African Finance Corporation , said Africa’s capital should remain within the internal reserves of African countries and be directed into more productive sectors of the economy. “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,” Amrane said.
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