Bolstering African strategy for sustainable development and its diaspora’s influence on African development renaissance

Abstract

ABSTRACT African diaspora can be a potent force for development in Africa through the promotion of trade, investments, research, innovation, knowledge and technology transfers. Billions in African diaspora savings could bolster growth in Africa. For example, if one in every 10 members of the diaspora could be persuaded to invest $1000 in his or her country of origin, Africa could raise $3 billion a year for development financing. This paper delves into one of the approaches via which sustainable development can be achieved across Africa. It identifies that the New Partnership for African Development (NEPAD) will play a significant role in attaining this goal. In addition, recognizing that so much of Africa’s brainpower is found ‘off-shore’, NEPAD has made a start in bringing resources to bear on African Development. Nonetheless, the study observed that lack of patriotic leadership has been a major challenge towards sustainable development in Africa. The study views Diaspora’s alignment with NEPAD as the pivot for fresh partnership between Africa and the world beacons on the international community, especially the emerging economies such as China, to help bridge the development gap that has widened over the years of unequal relations; to achieve Africa’s development renaissance.