Diaspora Investments could make some important contributions to the development of Africa’s economy through the establishment of industries and institutions in various sectors.
Dr Abubakar Mohammed, a lecturer at the department of Sociology, Usmanu Danfodiyo University, Sokoto said this at a hybrid International Conference on Africa’s Economy in New Jersey.
The don, who spoke virtually, said establishment of industries and institutions in various sectors such as ICT, Education, Health, Hospitality, Tourism could contribute to the development of the continent’s economy.
He said the characteristic of Africa’s economy was essentially a raw materials producer for other economies, noting that the continent produces agricultural and mineral resources.
According to him, the continent is terribly undeveloped in term of Infrastructure and that there is a very low level of trade among African countries, which is about five per cent.
He said there was strong linkages with former colonial and western powers, noting that there is rise of the new imperialism in Africa with China, Russia and the European Union.
Apart from these challenges, he said the continent had weak democracy characterised by authoritarianism, tenure elongation and military coups.
The don said in some cases votes of the citizens don’t count in elections, noting that there are no “dividends” of democracy in form socio-economic development, Prevalence of poverty, diseases, low school enrolment, unemployment, corruption and violent conflicts.
Other challenges, according to him, are proliferation of Small arms and light weapons, high level of insecurity and instability.
Mohammed further said leadership deficit in terms of inadequate and unprepared leaders, low level of education and experience of leaders, role of “God Fatherism”, among others had also impacted on the development of the continent.
