Beyond Remittances: Engaging the Diaspora to Meet Africa’s Development Financing Needs

According to the African Development Bank (AfDB), African countries must invest USD $600-700 billion annually to meet the development needs of their growing populations. To achieve this investment goal, African governments are increasingly looking to the diaspora, amongst other measures. The African diaspora already contributes enormously to the continent’s economy through remittances: in 2018, Sub-Saharan Africa received an estimated $47 billion in remittances (World Bank)—compared to an estimated $32 billion in foreign direct investment (United Nations Conference on Trade and Development). Looking beyond remittances, the diaspora community also possesses other resources including knowledge, expertise, and networks that could greatly benefit the financial, trade, and technology sectors—and be leveraged for peace—if properly engaged.

Speakers will examine the current role and future opportunities for the diaspora in Africa’s economic development and peacebuilding efforts. Using several country case studies, they will assess the growing diaspora, transitions in thinking about the diaspora and its role, lessons learned from countries that have developed diaspora engagement strategies, and the potential and opportunities for fostering economic development and sustainable peace through more robust diaspora engagement. They will also offer concrete policy recommendations for African governments, stakeholders, and international partners to better engage with and leverage the diaspora to help meet Africa’s development and peacebuilding needs.

[sadeakinsowon]

I believe Diaspora can and will move the Africa economy as cursently low in investment so economy growth in diaspora will encourage streams of income and invest in invstment to grow the secusity of the communitis given a free lifestyle wellbeing.

[MrChillinSwag]

A subject about Africans, I see only 1 out of 4 African in the panel. Can we dial down on the saviour complex?