A major initiative aimed at mobilising more than $500 billion in diaspora investment capital to support African businesses, entrepreneurs and economic development has been launched by key stakeholders, including the Nigerians in Diaspora Commission (NiDCOM) and Afretrade Incorporated.
The initiative seeks to harness the growing economic influence of Africans in the diaspora to drive investment, entrepreneurship, trade and sustainable development across the continent.
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, Chief Operating Officer and Festival Director of Afretrade, Dr. Charly Lemassi, said the initiative is designed to create stronger economic connections between Africa and its global diaspora while unlocking new opportunities for entrepreneurs and small businesses.
According to her, the effort aims to position diaspora investors as strategic partners in Africa’s economic transformation by facilitating access to capital, business partnerships and investment opportunities.SME Investment Guide
As part of the initiative, stakeholders will launch the Afretrade Economic Renaissance Movement, a platform designed to promote trade, investment and institutional development across Africa through diaspora engagement.
Another key component is the proposed Lagos-California Sister States Economic Corridor, which seeks to strengthen economic ties between Lagos and California through increased trade, investment and business collaboration.
“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, noted that the initiative reflects a broader commitment to connecting Africa’s economic opportunities with global investment networks capable of driving growth across key sectors.
He explained that the programme will support entrepreneurship development, SME growth, technology innovation, investment promotion and cross-border business partnerships.Nigerian Credit Reports
The initiative will also provide opportunities for entrepreneurs to access mentorship, business development support, investment networks and diaspora funding opportunities aimed at accelerating business growth.
Youth Director of the programme, Paul Akume, disclosed that a $5,000 seed fund has been earmarked to support an outstanding young entrepreneur as part of efforts to encourage youth-led enterprise development.
Organisers said delegates from more than 40 countries across Africa, North America, Europe, Latin America and the Caribbean are expected to participate in activities supporting the initiative.
They estimate that the combined economic footprint of participating diaspora investors and business networks exceeds $500 billion, highlighting the significant role diaspora capital can play in supporting Africa’s industrialisation, job creation and long-term economic growth.
According to the organisers, the initiative is expected to create new pathways for investment, strengthen cross-border partnerships and expand opportunities for African SMEs and entrepreneurs seeking access to global markets and capital.
By: Blessings Joseph
