Esteemed Pan-African advocate, Professor Patrick Lumumba, has called on African governments to reduce their heavy reliance on foreign investors and instead recognize fellow Africans as vital partners in boosting the continent’s economic development.
Speaking at the Delta State Economic and Investment Summit in Asaba, the Kenyan lawyer and governance expert expressed concerns about the prevailing preference of African leaders to seek investments from Europe, Asia, and the Americas, often at the expense of harnessing the substantial financial and entrepreneurial resources available within Africa itself.
He highlighted that African countries frequently undervalue their investment potential by not considering Africans as legitimate investors capable of transforming local economies.
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He noted a persistent misconception defining investors on the continent exclusively as international figures and lamented the oversight of African capabilities.
Lumumba emphasized that African governments often instinctively seek investment from beyond the continent when opportunities arise.
He pointed out the flawed assumption that investors must come from countries like Malaysia, Brazil, or China, advocating for a shift in this mindset.
According to Lumumba, true sustainable development can be achieved faster through deliberate efforts to foster intra-African investments, strengthen regional alliances, and implement supportive policies for domestic businesses and entrepreneurs.
He emphasized that tapping into Africa’s economic potential involves a greater reliance on African capital, innovation, and entrepreneurial spirit, rather than a continual focus on external funds.
Lumumba also encouraged policymakers to cultivate an environment conducive to the growth of African investors, underlining that enhanced collaboration among African nations would expedite industrialization, generate employment, and foster long-lasting economic prosperity across the continent.
