Africa's diaspora: How the continent must move from remittances to investments

The World Bank predicts that the amount of remittances sent by Africa's diaspora to Sub-Saharan Africa will reach the $50 billion mark by 2020. As world leaders gather in New York for the 74th United Nations General Assembly, a crucial conversation is emerging regarding the shift from remittances to investments in the continent of Africa. Gbenga Omatayo, Founder of USAfricaHub, emphasized the importance of leveraging the power of the diaspora for investment opportunities. According to Omatayo, the statistics reveal that remittances from the diaspora to Africa are seven times more than foreign direct investments, especially in countries like Nigeria. This untapped goldmine presents an opportunity for the continent to harness its potential and transition from a recipient of aid to a powerhouse of investment and economic growth. The key points from the interview shed light on the significance of this transition and the potential outcomes of engaging with African leaders and stakeholders at the UN General Assembly. Omatayo highlighted that unity among African countries is crucial for effective negotiation and leverage on the global stage. The African Continental Free Trade Agreement plays a pivotal role in fostering this unity and setting the stage for Africa to lead the next revolution in trade and investment. The upcoming UN General Assembly is expected to showcase Africa's readiness to engage with the world on a new level, with discussions centered around the African Continental Free Trade Area, trade policies, and the wealth of opportunities available on the continent. The time has come for Africa to assert its economic prowess and attract much-needed capital for sustainable development. The world is watching, and Africa is ready to take its place on the global stage as a leading player in the investment landscape.