The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged African nations to move beyond their traditional roles and become key drivers of development through the establishment of sovereign wealth funds.

Speaking at the African Sovereign Investment Forum (ASIF), organised by the Nigerian Sovereign Investment Authority (NSIA) in Abuja, Edun emphasised that sovereign funds must move beyond their traditional roles of stabilisation and wealth preservation to become active instruments for economic transformation.

He posited that Africa stands at a pivotal moment, given its challenges and unmatched opportunities, adding that the time has come to leverage Africa’s sovereign capital to attract international finance, forge impactful partnerships, and build a sustainable future for its people.

“At the heart of the answer lies collaboration — just the type that we have here,” he said. “African sovereign wealth funds are uniquely positioned to de-risk large-scale projects, signal national commitment and align local development needs with global objectives. And to fully realise this role, we must position our funds not just as investors, but as co-developers,” he said.

The minister also highlighted capital mobilisation at scale, regional and continental collaboration, and human capital and policy alignment as the three key pillars for Africa’s future prosperity.

“You can’t do anything without capital — capital is the key,” he said. “We must reach scale in mobilising blended capital platforms that can absorb institutional funding from across the world,” he said.

Edun maintained that the private sector is where the real money is, warning that their terms must be met to attract private sector investors.

“I’m very proud of our own Nigerian Sovereign Investment Authority. It has played a crucial role in capital mobilisation, positioning itself as a leading capital provider and a trusted gateway for global investors seeking high-impact opportunities in Nigeria and across Africa,” he said.