Entrepreneurs have advocated for the support and empowerment of young people as a fundamental strategy for Nigeria and Africa to achieve their socioeconomic and political destiny.
The call was made at a high-impact gathering hosted by the African Social Innovation Fellowship (ASIF) on Thursday in Lagos, bringing together changemakers, investors, and entrepreneurs to discuss how diaspora capital can drive Africa’s transformation.
ASIF Executive Board President, Mr. Dennis Akin, emphasized that funding remains one of the biggest challenges for young entrepreneurs in Africa and Nigeria.
“You do not need to convince a young entrepreneur or changemaker in Africa about resilience; that is their daily venture. What is important is how we harness people from the African diaspora—who contribute three times more than foreign aid investment on the continent—to fund ideas beyond the remittances they send back home,” Akin said.
He highlighted the need for a structured system where a percentage of diaspora earnings is strategically invested in African startups, ensuring long-term economic sustainability rather than a continuous cycle of remittances.
Delivering the keynote address on “Beyond Remittances: Harnessing Diaspora Capital for Transformative African Investments,” Dr. Isaac Cudjoe, Co-founder of the Re(Turn) Movement and CEO of Peace First, stressed that Africa’s future cannot be left to chance or external aid—it must be shaped by Africans who believe in its potential.
“The diaspora has the skills, resources, and passion to fuel Africa’s transformation, and it starts with us,” Dr. Cudjoe stated.
He underscored the global shift away from traditional foreign aid, citing geopolitical changes, donor fatigue, and economic downturns as factors reducing international funding. He emphasized the urgent need for Africa to embrace self-sufficiency and home-grown solutions rather than continued reliance on external support.
“It’s time for the diaspora to shift from sending remittances to making strategic investments. The opportunities are clear—Africa has one of the world’s fastest-growing economies and a booming youth population. But to truly unlock this potential, we need structured pathways for investment,” he said.
Dr. Cudjoe outlined three key actions to maximize diaspora investment in Africa as investment in African Entrepreneurs and Startups, Mentorship and Knowledge Transfer, and Policy and Ecosystem Building. He added that diaspora communities must work with organizations like ASIF to advocate for policies that attract and sustain diaspora investments on the continent.
A defining moment of the event was the official launch of the ASIFund, a $25,000 bootstrapped financial commitment aimed at supporting young entrepreneurs across Africa. As part of this initiative, three outstanding young social entrepreneurs from the West African region were awarded $3,000 Catalyst Grants to accelerate their ventures.
The winners were: Elizabeth Adunbi, Monique Sognigbe and Paul Akwasi Baami
The grant presentation ceremony symbolized ASIF’s commitment to fueling African innovation and fostering an ecosystem that nurtures high-impact, scalable solutions.
