Africans have been urged to work harder on finding solutions to problems rather than solely depending on remittances and grants from the diaspora as a result of the rise of many startups in Nigeria and the continent's creative and technology industries. Speaking over the weekend in Silicon Valley, California, at the African Diaspora Investment Summit (ADIS), which was put on by the African Diaspora Network (ADN). CEO and General Partner of Fund for Africa’s Future (Future Africa), Iyinoluwa Aboyeji, said over-reliance on remittances from diaspora without adequate scale-up in human capital would limit Africa’s progress into development. He claims that while diasporans possess the three Ts of time, talent, and treasure, the treasure receives far too much attention. referring to the logistical difficulties that have characterized the Central Bank of Nigeria's (CBN) demonetization policy for weeks. as the director of Future Africa. Aboyeji, the biggest seed stage investor in Africa, has put millions of dollars into more than 100 startups in the continent. This came after helping to launch Flutterwave, a multibillion dollar platform for international payments that links people and businesses in Africa with the rest of the world.
Josh Ghaim, founder and managing partner of Ignite Venture Studio and board chairman of the ADN, stated that the organization aims to build a bridge between startups in Africa seeking to develop the continent with their creative problem-solving approaches and the diaspora through its annual symposium, ADIS, and other programs. The African Development Bank (AFDB) recently launched a 618 USD tech fund, and Osun State Governor Senator Ademola Adeleke has ordered the immediate creation of a support desk for Osun tech innovators and entrepreneurs to access it. Governor Adeleke responded to the tech fund, which was a joint effort of the AfDB and the Federal Government of Nigeria, by expressing the government's readiness to take advantage of the opportunities in order to advance the administration's agenda for the digital economy. The state's broadband fiber optic project was launched, the state's ICT Policy was recently unveiled, the State Tech Innovation Policy was adopted, the Startup Act of Nigeria was domesticated, and a Digital Advisory Board was established. Governor Adeleke, who was full of praise for the president of the AFDB, Dr. Akinwumi Adesina, claimed that his administration had created an enabling environment for the Osun tech ecosystem.
However, U. S. Vice President, Kamala Harris began a week-long tour of the continent aimed at providing a counterbalance to the influence of rival China, Vice President Kamala Harris said on Sunday that the United States will increase investment in Africa and help spur economic growth. In recent years, China has made significant investments in Africa, particularly in the development of infrastructure and natural resources. At the same time, Russian influence has increased, in part due to the deployment of Russian military personnel from the private military contractor Wagner Group to support governments in a number of nations. U. S. Vice President, Kamala Harris will meet Ghana President Nana Akufo-Addo this week and will visit a former slave castle from which slaves were sent to America during the slave trade era. Harris will be in Ghana from March 26-29, then in Tanzania from March 29-31. Her final stop is Zambia, on March 31 and April 1. She will meet with the three countries’ presidents and plans to announce public- and private sector investments
“I recall when India set up its demonitisation policy some years back, it engaged the talents of its diaspora community. Nigeria is a much smaller country than India. As giant of Africa, we shouldn’t be going through the hassles the CBN policy has caused in weeks now if the infrastructure end of the cash policy had been sorted before implementation and roll out.” “Africa is on a journey, but we are not going to get there by copying models from other places or throwing money at the problem. It is going to require intellectual investment. There should be a mindset shift that you don’t need diaspora money as much as you need the knowledge transfer.” Aboyeji added: “There is a lot of money in Africa, we raised $10 million fund at the wake of COVID-19 in the last two years and 60 per cent of the capital came from Africa. What it tells us is that a lot of resources and opportunities are in Africa but unfortunately a lot of government’s borrowing or policies tend to crowd out these investments and startups. “Despite the odds, you still have a lot of Africans investing their personal savings in innovative solutions to help Africans while a lot of pension funds, money sitting in the banks and public funding are crowded out by government bonds and borrowings.”
“I don’t want to simplify it and say money is easy to find but the most important criteria is the human capital. We have a large community of diasporans in America and the West who are high up in corporations, government and the academia and who understand the business and what it takes to thrive, but how do we harness these resources and make these people available to help entrepreneurs in Africa.- Josh Ghaim “Entrepreneurs don’t have to repeat all mistakes or go through the hassles that could be avoided. The number one priority of ADN is to deploy and engage these resources available to everyone through mentorships. And its not just Africans, but African Americans and friends of Africa. We want to help their businesses scale to the next level with investible funds. Through Builder of Africa project, we are giving them $25,000 and the technical skills to scale up their businesses. “This is why beyond remittances is important. Unless we create awareness, we are not going to engage fully into the resources of the diaspora community.”
My state is in a hurry to be a tech hub for South West. “As the Governor of Osun State, I am pleased to announce that the Ministry of Innovation, Science, and Technology has been instructed to set up a desk to assist all technology and creative sector entrepreneurs in Osun State to apply and access this fund. The desk will provide comprehensive guidance and support to all interested applicants, ensuring that the application process is seamless and efficient,” he said. - Adeleke
“On this trip I intend to do work that is focused on increasing investments here on the continent and facilitating economic growth and opportunity,” Harris said shortly after touching down in Ghana, the first destination in a trip that will include visits to Tanzania and Zambia.’’
Guardian
