By: Nchimunya Muvwende (Photo: ADN)
In a famous quote, an author penned down the words “No matter where you go, always remember the road that will lead you home.” There are many Africans that left their countries in search of green pastures in the diaspora but it seems that they have become so comfortable with developing the already advanced countries and do not seem to remember their roots. While foreign investors are rushing to invest in the opportunities present in Africa, very few foreign based Africans do the same but rather focus on helping family members through remittances that have no sustainable impact. This status quo is not helpful and there is a need to harness a working relationship between nations and their people that live abroad in order to have inclusive development.
Harnessing diaspora resources
Many African countries are highly indebted and much of this debt arises from the ambitious development projects that governments are undertaking to improve the livelihoods of their people. Most projects cost more money than countries can manage to mobilize domestically and so, the countries are forced to depend on external aid and loans that are sometimes tied to adverse conditions.
On the flip side, there are many diaspora based Africans who have raised enough resources which when invested back in their countries, the rising debt crises could be mitigated. To do this, there is a need to provide specific incentives for the foreign based Africans so as to attract their resources to be invested in their home countries. Doing so will come with many benefits such as reduced dependency on borrowing, money remaining within countries hence stabilizing exchange rates, employment creation, economic growth and basically improved wellbeing of the people. It should be noted that no one will prioritise the development of Africa except its people regardless of where they are based and so, measures need to be taken to engage the children of the African soil.
Nations need to appeal to their people to remember those they left back home and think of ways of improving their livelihoods. It goes without saying that it is important to look strategically, systematically and critically at the diaspora’s role in the African development matrix and engage the huge reservoir of human and financial capital found in the large African diaspora.
Investment not remittances
When you give a child fish, they would still come back for more but if you build them a fish pond, teach them how to earn an income, the dependence syndrome reduces. There are many Africans that are in the diaspora that earn decent incomes and have to always remit funds to their families back home. However, this has created a continued financial dependence that has not necessarily improved livelihoods as it is not a sustainable source of income for the people back home.
The World Bank statistics show that remittances from the diaspora are estimated at about $87 billion annually and these amounts actually exceed official development assistance to Africa. Why always beg for help when Africans in the diaspora have more resources? It is time that the many Africans domiciled across the world begin to think of how they can reinvest their incomes into building businesses that will benefit not only their families but their countries as a whole. When critically analyzing cost factors, it would be cheaper to set up a business in an African country than in western countries.
This is because the cost of labor, availability of ready market and investment incentives are more pronounced in many African jurisdictions. It should be a source of concern that foreigners find it easier to invest in Africa than it is for the Africans who left the continent for greener pastures to think of taking back the resources to their roots. Imagine if every diaspora based African thought establishing at least one business in their home countries using mobilized resources and using the skills and knowledge gained, the development of Africa will be more pronounced. It is time to convert remittances into Foreign Direct Investments in order to grow African economies and deal with pressing challenges.
Most of the western countries have advanced skills and knowledge and attract the best minds around the world, inclusive of the many diaspora based Africans. There is a need to create effective diaspora networks that can help replicate, transfer and build the knowledge to actualize Africa’s potential. There is a need for building capacity in the management of businesses. Financial prudency, sourcing financing among other skills in the people in Africa and this is a role the African diaspora could take up when effectively engaged. In addition, they can help create opportunities for Africans to acquire skills and knowledge from the best schools and experts and use this to develop Africa. The networks could help create market linkages for the many products produced in their home countries.
The abundance of natural resources and wildlife make Africa a good and attractive tourist destination but the lack of effective advertisement and expensive costs have hindered reaping benefits. The African diaspora needs to be engaged more in marketing their home countries, and this could come at almost no cost because word of mouth advertisement is rated the best.
African Governments should not look at the African diaspora as deserters of their continent but rather as ambassadors that could be instrumental in dealing with the many challenges faced in their home countries. This calls for effective engagement with the African diaspora. In the same vein, the African diaspora should be reminded to remember the road that leads to their roots and that if they do not take part in uplifting the lives of their people, financial burdens will keep falling on them. Therefore, working on a win-win situation will be the best way to achieve a prosperous African continent.
Unstoppable Africa 2023: Shaping a Future of Prosperity and Innovation
Unstoppable Africa 2023 has concluded, leaving a profound mark on the African continent. The two-day Global Africa Business Initiative (GABI) event aims to boost Africa’s standing in the global economy and establish the continent as the foremost destination for business, trade, and investment. This transformative gathering on the sidelines of the UN General Assembly has not only chartered the course for economic growth but has also solidified GABI’s pivotal role as a catalyst for change and progress.
On the second day of the event, Caroline Wanga, CEO of Essence Ventures, emphasized the importance of authentically portraying African narratives. She highlighted that the continent’s rich heritage has traditionally been expressed through its unique storytelling methods. Wanga stated, “In discussing Africa, it’s vital to engage in genuine dialogue. We’ve celebrated our heritage through our distinct method of storytelling, which the world is longing for now more than ever. As the overseer of Essence Ventures and other platforms, I am committed to ensuring our tales are told from a position of strength and authenticity.”
The final day of the Unstoppable Africa 2023 featured a chorus of leading private sector voices. Notably, leaders from the business and media world such as Jeff Wong, EY Global Chief Innovation Officer; Niraj Varia, CEO of iProcure Ventures; Lakeshia Ford, Founder of Ford Communications; Claudia Kwarteng–Lumor, Founder of Kollage Media, producers of GLITZ AFRICA Magazine and Somachi Chris-Asoluka, CEO of The Tony Elumelu Foundation (TEF).
Complementing these luminaries were esteemed figures from government and international organizations, including President Masisi, H.E. Felix Tshisekedi, President of the Democratic Republic of Congo, Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy for Nigeria, Joy Basu, Deputy Assistant Secretary, Bureau of African Affairs at the US Department of State.
Unstoppable Africa: Igniting Transformation and Bold Collaborations
Unstoppable Africa Conference: Dr. Akinwuni Adesina and H.E. William Ruto (Image: Supplied)
Leaders from global business, investment, government, sports, and the arts gathered in New York on Thursday, 21st September to mark the commencement of “Unstoppable Africa”. The event by the Global Africa Business Initiative (GABI) seeks to elevate Africa’s prominence in the global economy and position the continent as the premier destination for business, trade, and investment.
The two-day event is co-convened by the United Nations Deputy Secretary General, Amina J. Mohamed and the Chairperson of the African Union H.E. Moussa Faki Mahamat on the sidelines of the United Nations General Assembly in New York. GABI, coordinated by the UN Global Compact, serves as a pivotal forum for Heads of State and Government, CEOs, investors, policymakers, industry experts, and U.N. leaders to discuss and strategize the way forward for Africa’s dynamic business landscape. “Unstoppable Africa” is a powerful affirmation of GABI’s unwavering commitment to redefining Africa’s economic narrative.
On day one, the flagship event attracted an impressive array of speakers and participants, including the Presidents of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, Kenya, H.E. William Samoe Ruto, Senegal, H.E Macky Sall Poland H.E Andrzej Duda and H.E Mia Mottley, Prime Minister of Barbados. In addition to government ministers, “Unstoppable Africa” welcomed a who’s who of renowned business titans such as Mo Ibrahim, the Sudanese-British businessman and philanthropist, Phumzile Langeni, Deputy Chairman of Imperial Logistics; Non-Executive Director of DP World Group, James Manyika, Senior Vice-President of Research, Technology and Society at Google-Alphabet, and Brad Smith, President of Microsoft among others. Senegalese artist Baaba Maal set the tone for the event with a captivating performance calling for peace and prosperity in Africa while actor Arsema Thomas engaged in an insightful interview conducted by the event’s host Folly Bah Thibault from Al Jazeera English.
UN Secretary-General António Guterres opened the two-day forum making a compelling call for the “delivery of justice” – a theme central to the continent’s sustainable development. The UN Secretary-General stated that “justice means reforming outdated, unfair and dysfunctional global financial systems and ensuring African representation at every multilateral table”.
H.E. Mia Mottley, Prime Minister of Barbados emphasized the difference between ambition and meaningful action, in the context of Africa. Recognizing the emerging unity and collaborative efforts across the continent, she highlighted the imperative for accelerated progress in Africa. Her message underscored the urgency for nations to move from plans to concrete actions that catalyze transformative change on the continent.
During a major event announcement, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced a transformative partnership with Google, creating a Centre of Excellence for coding in Africa.
Other announcements on the day included The Democratic Republic of Congo’s (DRC) commitment to positioning the country high-up in the batteries and electric vehicles value chains, unveiling a new 1,000-hectare space in Kolwezi, with special economic zone status. DRC’s Minister of Industry, H.E. Julien Paluku, appealed to global investors to join these initiatives in addressing climate change while advancing economic growth. the launch of Ghana’s Energy Blue Zone Initiative, heralding a major stride in the country’s energy transition and investment plans.
The “Unstoppable Africa” event promises to continue its momentum into the second day, where further thought-provoking discussions, innovative solutions, and collaborative endeavors are set to shape Africa’s role in the global economy. Leaders from various sectors, including business, government, and civil society, will come together to exchange ideas, forge partnerships, and chart a course toward a more prosperous and sustainable future for Africa and the world.
Nigerian-Born Ayomide Idogun On Creating Impact
Ayomide Idogun is the co-founder at the New African Movement, an initiative aimed at ensuring Africa is conducive for Africans. Ayomide is a development strategist, policy analyst, and military historian with a major flair for transformative change through strategic thought, leadership, and empowerment.
Recently, he had the opportunity to be a delegate at the Arab Youth International Model United Nations Conference, now known as the Best Diplomats Conference, held in Dubai. Beyond the piquancy that came with meeting over 150 people from about 80 countries, and the experience of learning different cultures, the delegates were largely charged with proffering solutions to solving the global food crisis. Ayomide represented the great people of Guatemala, who sadly are no strangers to this phenomenon, with 4.6 million people at the least, facing the hunger crisis, and suffering hugely from food insecurity.
This led him to come up with prospective solutions, to ensure farmer empowerment, and the mitigation of factors hindering food supply minimized to the barest minimum, so as to ensure Guatemala does not just become self-sustaining, but grows to the point of exporting food produce to other Nations. His efforts did not go unrewarded as he bagged the Outstanding Diplomat Award, in recognition of his outstanding negotiation, leadership, and overall performance during the course of the conference.
He is a trainer and speaker with core area in leadership, capacity building and development. Some of his engagements amongst others, includes, training members of the African community in the United Arab Emirates, on capacity building and maximizing potentials, to ensure their time and resources are utilized to maximal effect. And at the maiden edition of DisruptHR Lagos, organized by OutsideinHR, where he spoke on the role COVID-19 played on priorities for humanity, and the ever-changing landscape of work.
Ayomide Idogun holds a degree in Policy and Strategic Studies from Covenant University, a second degree in History and Strategic Studies from the University of Lagos, and he is currently enrolled in the School of Politics, Policy and Governance, where he is undergoing the Public Leadership and Policy Programme.