Why Africans in Diaspora Should Invest in West Africa

Why West Africa?

Harvard professor and economist Nathan Nunn revealed that the poorest countries in Africa were majorly affected by the slave trade. Years after the exploitation of its resources and workforce, Africa still suffers the consequences. Recall that largest and most popular slave trade was the trans-Atlantic slave trade that affected most parts of West Africa. This has left West Africa the most scarred by the slave trade, and the repercussion is glaring in all sectors, especially the economic sector.

Because West Africa has the highest number of countries of all the regions in Africa, a considerable disruption in its economy or socio-political activities will directly or indirectly affect other African countries. In the same way, massive growth in the economic system of West Africa translates to the development of the majority of African nations, which will invariably impact Africa in general.

It might also be necessary to consider the fact that the majority of Africans now in Diaspora are of West African ancestry, no thanks to the trans-Atlantic slave trade. If charity is to begin at home, as always said, West Africa is a safe place for Diasporans to start investing.

Improving investment Methods:

Although Africans in Diaspora have contributed by various means to the continent’s economy, most of their investments are inclined towards consumption rather than the production factors of the continent. This calls for an adjustment in their investment methods because the aim is to help in developing the economy of the nations, and this can be better achieved by increasing production.

An effective way of increasing production is through diaspora entrepreneurship. This investment tool goes a long way to provide job opportunities for the teeming population of the continent. Also, it is a means to supply products that are of vital importance to the African nation.

One hindrance to diasporans investing within the continent is the information barrier. Some interested investors are discouraged by the lack of proper information to guide their decision. Creating an interactive forum with Africans within the continent can help in bridging the information barrier. Thanks to technology, interacting with people across the globe is almost always a click away.

Conclusion:

Generally, Africans in Diaspora have been investing in the continent. However, there is a need to improve the method of investment to increase productivity which is the primary reason for the investment.

More so, West Africa, which suffered a great deal from the trans-Atlantic slave trade, the effect of which is now evident in its economy, should be a focus area for Africans in Diaspora. This is necessary because West Africa is the most prominent African region, and growth in its economy will impact other African regions as will a drawback.