By Seyi Odewale
Renowned Pan-African scholar, Prof. Patrick Lumumba, has challenged African leaders to abandon what he described as an overreliance on foreign investors, insisting that the continent possesses the financial resources, intellectual capacity and entrepreneurial talent required to drive its own development.
Speaking on Monday at the 2026 Delta State Economic and Investment Summit in Asaba, Lumumba argued that Africa’s continued search for investment from Europe, Asia and the Americas had overshadowed the enormous investment potential that exists within the continent itself.
The summit, themed “Harnessing Our Strengths, Unlocking Our Potentials,” brought together Vice President Kashim Shettima, World Trade Organisation (WTO) Director-General Dr Ngozi Okonjo-Iweala, Anambra State Governor Prof. Chukwuma Soludo, business leaders, investors and development experts to discuss strategies for accelerating economic growth and job creation.
Lumumba said African governments must deliberately encourage intra-African investment if the continent hopes to achieve sustainable economic independence.
“We still don’t think that fellow Africans are investors. We think our investors must be Malaysians, Brazilians or Chinese. That is not the case.”
The Kenyan lawyer disclosed that he and other Pan-African advocates had established the African Investment Movement to encourage Africans to pool their financial resources and invest across the continent.
“Even Africans with $100,000 each putting the money together are investors.”
He also called for the removal of visa restrictions among African countries, arguing that freer movement of people and capital would strengthen regional economic integration and boost investment.
“I look forward to the day when there will be no visa for an African coming to this country.”
Lumumba further warned that Africa risks remaining technologically dependent unless it develops indigenous capabilities in emerging technologies such as artificial intelligence.
“The world now talks about artificial intelligence. But who controls the artificial intelligence that we consume in Africa? It is not us.”
*Shettima, Soludo, Okonjo-Iweala back reforms, local manufacturing to boost growth
Vice President Kashim Shettima said Nigeria’s ongoing economic reforms are beginning to reverse years of macroeconomic instability, pointing to rising foreign reserves, increased investor confidence and renewed capital inflows as evidence that the country is gradually regaining economic momentum.
The Vice President said the administration inherited an economy grappling with capital flight and severe liquidity constraints but argued that recent policy reforms had begun to restore confidence among investors and the international financial community.
“When we were experiencing capital flight and capital scarcity, today we are witnessing capital inflows. Our foreign reserves have risen to over $52 billion and are still growing. In a troubled global economy, I believe the President deserves commendation, not condemnation.”
Shettima also applauded Delta State for positioning itself as a hub for investment dialogue, saying the state has continued to play an important role in shaping conversations around Nigeria’s economic future and supporting policies aimed at attracting private capital and stimulating industrial growth.
Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, urged Delta State to leverage its strategic coastal advantage by developing a robust marine economy capable of creating thousands of jobs and positioning the state as a leading maritime and logistics hub in West Africa.
She said Delta possesses enormous untapped opportunities in port services, ship repairs, marine transportation, export logistics and other blue economy activities that could significantly diversify the state’s economy beyond oil and gas.
“Delta State has the assets to become a marine logistics hub. Its seaports, export terminals and commercial centres provide a strong foundation for port services, ship repair and marine logistics. This is an opportunity to create jobs, attract investment and drive economic diversification.”
Okonjo-Iweala stressed that states must deliberately exploit their comparative advantages instead of relying solely on federal allocations, noting that investments in infrastructure and logistics would strengthen competitiveness and accelerate inclusive growth.
Anambra State Governor Prof. Chukwuma Soludo called for a national shift towards local production and consumption, warning that Nigeria would remain trapped in unemployment and slow industrialisation if it continued to depend heavily on imported goods.
He argued that supporting indigenous manufacturers would stimulate domestic production, expand factories, strengthen small and medium enterprises and generate millions of sustainable jobs across the country.
“We cannot create the kind of jobs we desire while all of us continue to patronise imported goods. If over 240 million Nigerians deliberately buy Made-in-Nigeria products, millions of jobs will be created, and local industries will flourish.”
Soludo cited the rapid growth of Nigeria’s indigenous fashion and creative industries as proof that locally produced goods can compete favourably when supported by consumers and government policies.
Host Governor Rt. Hon. Sheriff Oborevwori said the summit was designed to reposition Delta State as one of Nigeria’s foremost investment destinations by unlocking the state’s comparative advantages in agriculture, manufacturing, energy, solid minerals, maritime services, tourism and technology.
He said his administration was implementing reforms aimed at creating an investor-friendly environment through improved infrastructure, enhanced ease of doing business and stronger collaboration with the private sector.
Oborevwori assured local and international investors that Delta State remains open for business and committed to policies that guarantee investment security, economic diversification and sustainable development.
“Delta is ready for investment. We are building an economy driven by enterprise, innovation and strategic partnerships. Our goal is to unlock the vast potential of our state and create opportunities that will improve the lives of our people.”
The summit concluded with a strong consensus among participants that Nigeria’s economic transformation would depend on deeper collaboration between government and the private sector, accelerated industrialisation, stronger support for indigenous enterprises, regional integration and greater reliance on African capital to finance Africa’s development.
