Diaspora Investments could make some important contributions to the development of Africa’s economy through the establishment of industries and institutions in various sectors.
Dr Abubakar Mohammed, a lecturer at the department of Sociology, Usmanu Danfodiyo University, Sokoto said this at a hybrid International Conference on Africa’s Economy in New Jersey.
The don, who spoke virtually, said establishment of industries and institutions in various sectors such as ICT, Education, Health, Hospitality, Tourism could contribute to the development of the continent’s economy.
He said the characteristic of Africa’s economy was essentially a raw materials producer for other economies, noting that the continent produces agricultural and mineral resources.
According to him, the continent is terribly undeveloped in term of Infrastructure and that there is a very low level of trade among African countries, which is about five per cent.
He said there was strong linkages with former colonial and western powers, noting that there is rise of the new imperialism in Africa with China, Russia and the European Union.
Apart from these challenges, he said the continent had weak democracy characterised by authoritarianism, tenure elongation and military coups.
The don said in some cases votes of the citizens don’t count in elections, noting that there are no “dividends” of democracy in form socio-economic development, Prevalence of poverty, diseases, low school enrolment, unemployment, corruption and violent conflicts.
Other challenges, according to him, are proliferation of Small arms and light weapons, high level of insecurity and instability.
Mohammed further said leadership deficit in terms of inadequate and unprepared leaders, low level of education and experience of leaders, role of “God Fatherism”, among others had also impacted on the development of the continent.
The don, however, advised that all African countries and Institutions (Public/Private) should think and act pan African in the planning as well as implementation of their economic programmes.
He said the continent should strengthen the Sub-Regional Blocs such as Economic Community of West African States, East African Community, Southern African Development Community, The Maghreb, Central African Community.
“This will vigorously enhance trade among member states and other sub-regions of the African continent leading to realization of the objectives of African Continental Free Trade Agreement.
“Also, decolonisation of Africa’s economy through replacing disadvantageous linkages with past colonial masters/Bretton Woods institutions by developing Pan African Economic Institutions and operations.
“Negotiating more favourable deals with the New Imperialist Powers of China, Russia and Turkey. The rapacious pillage of Africa’s resources and the strangulating threat of a new Debt Trap by the New Imperialists must be reversed,’’ the don said.
Speaking on to the theme of the conference, Rev. Dr. Monsignor Anselm Nwaorgu emphasised on the need for Africans to change their mentality for development to take place, adding that the people needed to address the legacy of colonialism.
“How do we change that mentality? At the heart of Nigerian, African inability to develop is corruption.
“When you depend on bribery to achieve results, it become a way of life and when habits are formed, it’s difficult to let go,’’ he said.
He argued that quality of the institution and lack of investment environment had caused underdevelopment in Africa, noting that the quality of poor institutional quality should be addressed for the continent to be developed.
Nwaorgu, who was the first Executive President of the African Conference of Catholic Clergy and Religious in the United States, concluded by calling on the continent to move to an import-oriented economy.
“It is evident that Africa has the resources and natural endowment to catapult into the industrial age.
“Africa must also pay special attention to the fact that its resources are finite, and the unmanaged resources and growth that is not sustained will lead to deteriorating conditions for all African countries and societies.
“Also, Africa must move from an import-oriented economy to a diversified transportation and development, and the need to adopt technologies in her local needs, especially with the abundance of renewable energy in her possession,’’ he said.
According to agency report, the conference was organised by U.S.-based Global Patriot Newspapers Publisher, Mr Simon Ibe.
