By Our Correspondent
Lagos, Feb. 19, ’25 (TNZ) Some entrepreneurs have advocated for the empowerment of talented young people as a strategy for Nigeria and Africa to achieve their socioeconomic and political destiny.
TheNewsZenith reports that businessmen made the call at a gathering hosted by the African Social Innovation Fellowship (ASIF) on Thursday in Lagos.
TheNewsZenith reports the gathering brought together changemakers, investors and entrepreneurs to discuss how diaspora capital can drive Africa’s transformation.
At the event, Mr Dennis Akin, the ASIF President noted that funding remained one of the biggest challenges for young entrepreneurs across the continent, especially, in Nigeria.
“You do not need to convince a young entrepreneur or changemaker in Africa about resilience; that is their daily venture.
“What is important is how we harness the potentials of people from the African diaspora.
“Africans in the diaspora contribute three times more than foreign aid investment on the continent.
“These contributions are to fund ideas beyond the remittances they send back home,” TheNewsZenith quotes Akin as saying.
ASIF President highlighted the need for a structured system where a percentage of diaspora earnings is invested in African startups.
According to him, this will ensure long-term economic sustainability rather than a continuous cycle of remittances.
In a keynote address, Dr Isaac Cudjoe, Co-founder of the Re(Turn) Movement, said that Africa’s future should not be left to chance or external aid.
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Cudjoe’s address is titled “Beyond Remittances: Harnessing Diaspora Capital for Transformative African Investments”.
Doubling as the CEO of Peace First, Cudjoe said the Africans who believe in its potential, must reshape the continent.
“Thediaspora has the skills, resources and passion to fuel Africa’s transformation. And, it starts with us,” TheNewsZenith quotes him as stated.
ASIF President underscored the global shift from traditional foreign aid. He cited geopolitical changes, donor fatigue and economic downturns as factors reducing international funding.
“It’s time for the diaspora to shift from sending remittances to making strategic investments.
“The opportunities are clear as Africa has one of the world’s fastest-growing economies and a booming youth population.
“But to truly unlock this potential, we need structured pathways for investment,” he said.
At the event, organisers officially launched the ASIFund. This is a $25,000 bootstrapped financial commitment. It aims at supporting young entrepreneurs across Africa.
As part of the initiative, three outstanding young social entrepreneurs from the West African region received $3,000 Catalyst Grants to accelerate their ventures.
TheNewsZenith list the winners as Elizabeth Adunbi, Monique Sognigbe and Paul Akwasi Baami. (TNZ)
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