ABSTRACT
From Nigeria to Mozambique, governments across the African continent have created new public investment vehicles to participate alongside private capital in consumer goods investments, property development, and even city-building projects. In contrast to the objectives that motivated state intervention in African economies just after independence, entrepreneurial governance is driven neither by an ideological imperative to control the "commanding heights" in order to build the nation nor by an economic rationale that states are central to the production process. Sovereign Wealth Funds are typically associated with countries such as Norway that have a significant income from the sale of extractive resources such as oil and gas. In Francophone Africa public pension funds have not covered all public employees; instead, some civil servants have paid into private pension schemes. The development and uses of different investment vehicles and revenue-enhancing policies is still taking place, thus explanations of their causes must necessarily be provisional rather than definitive.
