Nigerian billionaire and United Bank for Africa (UBA) chairman, Tony Elumelu, says African pension funds are involved in “lazy investing,” leaving the continent at the mercy of unpredictable flows of foreign capital for financing massive infrastructure needs.
Elumelu takes issue with the continent’s pension funds, which hold an estimated $455 billion worth of assets under management cumulatively, for parking vast swathes of capital in the “safe harbour” of perceived risk-free government securities, while denying the real economy much-needed capital for infrastructural expansion.
