We got around to asking some of our Diasporans what they thought about having investments in Africa, and this is what they had to say.
Stella Okure
Software Consultant
Thoughts on having investments in Africa?
Highly recommended. The African continent is the new frontier. I have paid attention to the multinationals and individuals who have been steadily increasing their business presence on the continent in the last 2 decades. It’s a rather wise decision.
Primary concerns?
I’m a huge fan of Magatte Wade and I agree with her assertion that many African countries are over-governed and over-regulated. Regulatory authorities tend to seem overly enthusiastic about creating laws, bureaucratic measures and red tape that discourage free markets and commercial enterprise as a whole. This combined with the poor infrastructure, disenfranchised populations etc, pose a great challenge to anyone looking to invest or launch any kind of venture on the continent
Do you have any investments in Africa?
None for the time being.
Why not?
Aside from the reasons mentioned above, I also have not been able to spend a significant amount of time on the continent since emigrating.
Can the African diaspora help to improve the African investment landscape?
Yes absolutely, especially by bringing to bear the knowledge, training and experience they may have gained in their various fields. But also, so can Africans who are not in the diaspora. There is so much talent on the continent. What is collectively needed is a more positive self image, a greater sense of confidence and belief in ourselves and our ability to solve our own problems without constantly looking to others to save us, and of course a whole new breed of leaders and regulators who are aggressively capitalistic and have a vested interest in allowing free markets, promoting commerce, nurturing talent and rewarding innovation.
Femi Osimokun
Entrepreneur – Sales & Marketing
Thoughts on having investments in Africa?
I definitely would like to invest in Africa at some point, particularly Nigeria, not just for the purpose of making money but for the opportunity to give back.
Primary concerns?
Political instability and corruption in government.
Do you have any investments in Africa?
No. Too risky at the moment,and since I live in the States, I would need to convert ROI to dollars, and that’s not appealing with FX rate increasing daily, or I could keep my profits in naira which is also not appealing for the same reason, however, I am open to the idea.
Can the African diaspora help to improve the African investment landscape?
There would have to be some changes from within. The government must make it attractive to foreign investors, by cracking down on corruption, stabilizing the economy, and getting control of the foreign exchange rate. At the moment the risk is too high, unless the motive is to take advantage of the instability, and the corruption, as a means to exploit, rather than help to develop the economy and infrastructure. This is what is happening in most cases, not by Africans overseas, but by multinational corporations and foreign governments.
Kemi Ajomale
IT Business Analysis Manager
Thoughts on having investments in Africa?
I’m not opposed to it.
Primary concerns?
Trusting that the economy will be stable enough to make ROI.
Any investments in Africa so far?
Not directly, but the main challenge is trust in the system.
Can the African diaspora help to improve the African investment landscape?
People in the diaspora can’t do much if the government isn’t ready to embrace change. In an ideal situation, the following steps can be taken:
– Educate the young and teach them how to invest and build wealth from a young age.
– Create wealth by creating job opportunities for people.
– Invest in businesses that can boost the economy.
Anjola Lanre-Ladenegan
Project Engineer
Thoughts on having investments in Africa?
I think there is a lot of potential for growth on the continent, with certain countries having more prospects than others.
Primary concerns?
Primary concerns revolve around corruption and slow moving economic activity.
Any investments in Africa or plans to have any? I currently do not have the capitals to undertake the risks involved. I am also not sure there is a lot of opportunity for short-term profits.
Can the African diaspora help to improve the African investment landscape?
I think if the investments were attractive, Africans in the Diaspora would invest.
Chinelo Ikejimba
Design Lead, Technology
Thoughts on having investments in Africa?
Africa is the future with a wealth of potential for being a financial hotspot. As I’ve learned more about the kind of investor I’m growing into, I’m keen on having portfolios filled with African markets.
Primary concerns?
Security, stability, innovation, and impact are always top of mind for me.
Any investments in Africa or plans to have any?
Not yet, but I intend on having investments in Africa now that I’m financially capable of prioritizing it.
Can the African diaspora help to improve the African investment landscape?
I’m part of the Diaspora and do think people like me can help improve the African landscape of investment. Some steps I actively take include educating myself on growing African companies, amplifying the achievements of African venture capitalists and financial services based in the continent, and directing my funds to businesses that share my values. One day I plan on adding my talents to the adventure ahead for Africa.
