Patrick Lumumba to FG: Save N2 from every N100 earned from oil for future generation

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.

Lumumba spoke on Monday at the 4th African Sovereign Investors Forum (ASIF) held in Abuja.

He emphasised that African leaders’ intergenerational duty is to economically liberate the continent.

The event, hosted by the Nigeria Sovereign Investment Authority (NSIA), 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.

“What are you doing with the income you are realising now so that your children and children’s children will have something to inherit,” he said.

“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.”

Lumumba further said time-bound approaches to decisions and policies are necessary for Africa to progress.

Sumaila Zubairu, chief executive officer (CEO) of the African Finance Corporation (AFC), said Africa’s capital should remain within the internal reserves of African countries and be directed into more productive sectors of the economy.

In his remarks, Obaid Amrane, chairman of ASIF, called for joint investment in logistical, digital, and social infrastructure to shorten supply chains, deepen intra-African trade, and build a resilient continent less exposed to global uncertainty.

Amrane said infrastructure is a major challenge in Africa, and solving it could boost productivity, enhance value chains in agribusiness, pharmaceuticals, and digital services, and promote inclusive prosperity.

“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.

“Africa’s sovereign capital is not only ready to fund its future, it is ready to shape it for the benefit of current and future generations.”

Segun Ogunsanya, chairman of the NSIA board of trustees, said Africa should prioritise local capital formation and invest in large-scale infrastructure projects in key sectors, while avoiding trendy investments that do not suit the continent.

MINISTRY OF FINANCE HOSTS ASIF 2025

Mohammed Manga, director of information and public relations at the ministry of finance, said Nigeria is hosting the 2025 edition of the African Sovereign Investors Forum (ASIF) from June 15 to 17 through the ministry.

According to the director, President Bola Tinubu, represented by Vice-President Kashim Shettima, declared the event open.

He said the gathering brings together sovereign wealth funds, institutional investors, and policymakers from 17 African nations, with support from strategic partners such as China Investment Corporation and Abu Dhabi Investment Authority.

Manga said the summit also marked the launch of the ASIF Investment Platform, a flagship vehicle designed to unlock high-impact, cross-border investments in infrastructure, renewables, manufacturing, and healthcare.

The director added that for Nigeria’s private sector, ASIF 2025 signals a new era, de-risking mega-projects, anchoring blended finance, and creating fertile ground for investor-led growth across Africa.