By Daniel Essiet
Africans in the diaspora have been advised to establish joint ventures with their foreign friends and associates through which they could mutually explore highly lucrative business opportunities on the African continent that has been described as the next growth frontier.
The former Acting Managing Director/CEO and Executive Director, Small and Medium Enterprises, Bank of Industry (BOI), Dr. Waheed Olagunju, made the call in his keynote presentation at the closing ceremony of the New Ventures Competition organised as part of the 27th edition of the Wharton Africa Business Forum (WABF), which held at the University of Pennsylvania, Philadelphia,United States.
Olagunju whose keynote presentation was titled “Entrepreneurs as Catalysts for Driving Africa’s Inclusive Growth and Development’’ within the context of the WABF’s theme, ‘‘Moving Africa Forward, Mobilising for the Next Growth Frontier’’ specifically beckoned on US based Africans to create ventures with foreign nationals to drive Africa’s development.
Quoting the World Bank, he said Africa is the world’s next growth frontier given that four African economies were listed among the top 10 best performers. These include Rwanda 8.7 per cent; Republic of Guinea ,8.7per cent; Libya, 7.8per cent and Cote d’Ivoire 7.4per cent. The other countries in the league were Ireland 8.2per cent ; Bangladesh 7.9per cent; Cambodia,7.5 per cent; Tajikistan ,7.3 per cent; Vietnam ,7.1 per cent and India 7 per cent. However, Ethiopia 6.8 per cent and Ghana ,6.3 per cent did not make the top ten but they also posted impressive performances last year.
He stated that Nigeria’s emergence amongst the 10 fastest reforming economies in the world is a strong signal that she would soon rejoin the league of 10 fastest growing economies that it was part of prior to the 2016 recession.
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According to Olagunju, the fact that almost 60 per cent of the investments in Nigeria’s money market as at June 2019 was accounted for by foreign portfolio investors is a manifestation of the rising international confidence in the economy.
He therefore urged Africans in the diaspora to create wealth and make contributions to the continent’s inclusive growth and development.
He expressed the belief that because most members of the diaspora had been exposed to global best practices, they were better equipped to explore joint venture opportunities.
The former BOI boss said members of the African diaspora based in the US can do business successfully in many African countries and that they can leverage the various schemes that have been put in place by the US government to boost economic ties with Africa.
These include Africa Growth and Opportunities Act (AGOA), the $60 billion support through the recently established United States International Development Finance Corporation (USIDFC), Overseas Private Investment Corporation (OPIC) and the United States Export Import Bank.
The retired BOI boss urged African youths on the continent and those in the diaspora to draw inspiration from the continent’s most successful entrepreneurs who have continued to make significant contributions to Africa’s economic development and creating employment for millions of Africans in the process.
They include, Mohammed Dweji of Tanzania, Ashish Thakkar of Uganda who are rated amongst Africa’s youngest billionaires and the continent’s richest man Aliko Dangote of Nigeria whose present ranking of 86th richest man in the world according to Bloomberg’s Billionaire’s Index would certainly improve when his refinery and petrochemical complex that is one of the biggest in the world commences operation.
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