What Africa stands to gain from the diaspora

Africa's vast and diverse diaspora holds immense potential for the continent's development, according to Kevin Urama, Chief Economist and Vice President of Economic Governance and Knowledge Management at the African Development Bank. Urama believes that Africans living abroad can contribute significantly to Africa's growth through remittances, trade, science, and technology transfers. However, he emphasizes the need for Africa to identify and tap into these opportunities effectively to reap the benefits. In a recent interview with CNBC Africa, Urama highlighted the critical role that the diaspora can play in advancing economic progress on the continent. The African diaspora has long been viewed as a valuable but often underutilized asset for Africa's development. Urama noted that recent efforts by the Nigerian government and other bodies to engage with diasporans are encouraging steps towards fully harnessing their potential. By recognizing the diaspora as a global force that includes not only Africans who have migrated but also those born outside the continent, Urama envisions a cohesive network of individuals working together to propel Africa forward. He stressed the importance of leveraging the expertise and resources that diasporans bring, particularly in fields such as science, technology, and innovation. Urama outlined three key contributions that the African diaspora can make to drive development in Africa: time, talent, and treasure. While remittances are commonly associated with financial support, Urama highlighted the need to view them as investments in productive sectors that can stimulate economic growth and create employment opportunities. Beyond financial contributions, diasporans possess invaluable knowledge and networks that can facilitate trade and investment promotion across borders. Their dual understanding of both African and foreign markets positions them as key players in fostering economic ties between regions. Moreover, Urama emphasized the significance of science, technology, and innovation transfers from diasporans to enhance educational and research capabilities in Africa. By promoting 'brain circulation' rather than perceiving migration as brain drain, Urama envisions a collaborative global network where African intellectuals contribute to the continent's development from various locations around the world. He underscored the role of digital platforms in facilitating knowledge-sharing and urged African universities to embrace talent wherever it may reside. Recognizing the need to establish robust mechanisms for capacity development and knowledge exchange, the African Development Bank is working on creating a Virtual Capacity Development Academy. This platform aims to connect experts worldwide and provide support for initiatives that enhance Africa's intellectual capital. Urama highlighted the proposal for a Knowledge and Capacity Development Fund for Africa, which would enable diasporans to contribute their expertise to key projects and programs on the continent. In light of ongoing efforts to promote regional integration through initiatives such as the African Continental Free Trade Area (AFCFTA), Urama emphasized the importance of fostering a sense of African identity and unity. He highlighted the potential for the diaspora to play a collaborative role in transcending historical divisions and leveraging Africa's diversity for collective growth. By tapping into the talents and resources of diasporans, Africa can create a more integrated and prosperous future for all its inhabitants. In conclusion, Urama's insights shed light on the transformative power of the African diaspora in driving economic development and innovation across the continent. By embracing the expertise, networks, and investments of diasporans, Africa can harness a wealth of resources to propel its progress and build a more resilient and interconnected society.