Imagine running a business for over a century without knowing what’s in your warehouse. That’s essentially what many African countries are doing with their mineral wealth. Governments across the continent still have very little knowledge of what lies beneath their soil. Between the 18th and 20th centuries, European colonial powers exploited African mineral wealth for…
In 2000, Africa had no billionaires. Today it has 23 whose combined wealth has soared by 56% in just the past five years, reaching a staggering $112.6 billion. Africa’s richest 5% hold nearly $4 trillion in wealth – more than double the combined wealth of the rest of the continent. Despite soaring poverty, African governments…
President Bola Ahmed Tinubu has called for collective action and regional cooperation among African countries in developing Africa’s sovereign wealth. The president gave the charge on Monday in Abuja when he declared open the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF), hosted by the Nigeria Sovereign Investment Authority (NSIA). Tinubu, who was…
