- NiDCOM, Afretrade Unveil $500bn Diaspora Investment Drive for Africa
- Obasanjo, Dabiri-Erewa Back Fund to Spur African Growth
- The initiative will also establish a proposed Lagos-California Sister States Economic Corridor
A major initiative aimed at unlocking more than $500 billion in diaspora investment capital for African businesses, entrepreneurs and economic development has been launched by key stakeholders, including the Nigerians in Diaspora Commission (NiDCOM) and Afretrade Incorporated.
Eko Hot Blog reports that the initiative seeks to leverage the growing economic influence of Africans living abroad to drive investment, trade, entrepreneurship and sustainable development across the continent.
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The programme is being championed by former President Olusegun Obasanjo, Chairman of NiDCOM, Abike Dabiri-Erewa, California State Transportation Secretary, Toks Omishakin, and Afretrade, a California-based trade and investment platform.
Speaking at a press briefing in Lagos, the Chief Operating Officer and Festival Director of Afretrade, Dr Charly Lemassi, said the initiative was designed to strengthen economic ties between Africa and its global diaspora while creating new opportunities for entrepreneurs and small businesses.
She explained that the programme aims to position diaspora investors as strategic partners in Africa’s economic transformation by facilitating access to capital, business partnerships and investment opportunities.
As part of the initiative, stakeholders plan to launch the Afretrade Economic Renaissance Movement, a platform expected to promote trade, investment and institutional development across Africa through deeper diaspora engagement.
The initiative will also establish a proposed Lagos-California Sister States Economic Corridor to enhance economic cooperation between Lagos and California through increased trade, investment and business collaborations.
“For the first time, we are bringing together the full strength of the global African diaspora, investors, entrepreneurs, innovators and policymakers with a common mandate to build a sustainable ecosystem for Africa’s economic renaissance through capital, innovation and strategic partnerships,” Lemassi said.
Founder and Chief Executive Officer of Afretrade, Lekan Salami, said the programme reflects a broader commitment to connecting Africa’s investment opportunities with global financial networks capable of stimulating growth in critical sectors.
According to him, the initiative will support entrepreneurship development, small and medium-scale enterprises, technology innovation, investment promotion and cross-border business partnerships.
Salami added that entrepreneurs participating in the programme would have access to mentorship opportunities, business development support, investment networks and diaspora funding channels to accelerate their growth.
The Youth Director of the initiative, Paul Akume, disclosed that a $5,000 seed fund had been set aside to support an outstanding young entrepreneur as part of efforts to encourage youth-led enterprises.
Organisers said delegates from over 40 countries across Africa, North America, Europe, Latin America and the Caribbean are expected to participate in activities associated with the programme.
They estimated that the combined economic footprint of participating diaspora investors and business networks exceeds $500 billion, describing diaspora capital as a vital resource for promoting Africa’s industrialisation, job creation and long-term economic growth.
According to the organisers, the initiative is expected to create fresh investment pathways, deepen international partnerships and provide African SMEs and entrepreneurs with greater access to global markets and funding opportunities.
