African Diaspora Remits $40bn Annually
- By Simeon Ogoegbulem
- Published April 20th, 2010
- News
- Unrated
THE World Bank estimates that African immigrants living abroad remit between $32 billion and $40 billion (about N4.8 Trillion and N6 Trillion) annually. The Bank said most of the remittances come from Africans resident in North America and Europe.
BusinessWorld Intelligence can disclose that the amount remitted by Africans in diasporas far exceeds the money that is given to Africa through formalized development aid channels. In 2007, in response to recognition by the international community of the African Diaspora as a major development partner, the World Bank launched the African Diaspora Programme (ADP) to support the African Union in its Diaspora global programme and projects.
At least seven countries are actively engaged with ADP in strengthening enabling environment for the Diaspora, mobilizing and engaging the Diaspora, strengthening transfer of knowledge through expatriate national programs, and creation of professional networks. These countries include Ethiopia, Sierra Leone, Mali, Ghana, Uganda and Kenya.
Top officials of the World Bank recently met with the African Diaspora to discuss ways to mobilize resources in order to further development in Africa. BusinessWorld Intelligence can disclose that the gathering attracted over 400 members of the African Diaspora, representatives from 19 countries and 137 associations.
The meeting is part of the second African Diaspora Open house hosted by the World Bank. Participants focused on four specific areas namely: Governance and Capacity Development; Private Sector Development and Women’s Empowerment; Diaspora Engagement with Hometown Associations, and Brain Gain and Information Technology.
During the event, participants emphasized the need to devote sustained and additional resources to improving governance. This included facilitating the Diaspora’s participation in policy making and investment by encouraging African governments to take advantage of the Diaspora’s intellectual and financial resources as well as members’ patriotic motivation.
Obiageli Ezekwesili, World Bank Vice President for Africa, noted that beyond the skill and knowledge that would need to be mobilized, there is a keen sense of commitment within the Diaspora, that comes from being of the continent and being of a specific country. Ezekwesili stressed the need to look strategically at the Diaspora’s role in Africa’s development which will certainly be driven by Africans.
BusinessWorld Intelligence can disclose that the amount remitted by Africans in diasporas far exceeds the money that is given to Africa through formalized development aid channels. In 2007, in response to recognition by the international community of the African Diaspora as a major development partner, the World Bank launched the African Diaspora Programme (ADP) to support the African Union in its Diaspora global programme and projects.
At least seven countries are actively engaged with ADP in strengthening enabling environment for the Diaspora, mobilizing and engaging the Diaspora, strengthening transfer of knowledge through expatriate national programs, and creation of professional networks. These countries include Ethiopia, Sierra Leone, Mali, Ghana, Uganda and Kenya.
Top officials of the World Bank recently met with the African Diaspora to discuss ways to mobilize resources in order to further development in Africa. BusinessWorld Intelligence can disclose that the gathering attracted over 400 members of the African Diaspora, representatives from 19 countries and 137 associations.
The meeting is part of the second African Diaspora Open house hosted by the World Bank. Participants focused on four specific areas namely: Governance and Capacity Development; Private Sector Development and Women’s Empowerment; Diaspora Engagement with Hometown Associations, and Brain Gain and Information Technology.
During the event, participants emphasized the need to devote sustained and additional resources to improving governance. This included facilitating the Diaspora’s participation in policy making and investment by encouraging African governments to take advantage of the Diaspora’s intellectual and financial resources as well as members’ patriotic motivation.
Obiageli Ezekwesili, World Bank Vice President for Africa, noted that beyond the skill and knowledge that would need to be mobilized, there is a keen sense of commitment within the Diaspora, that comes from being of the continent and being of a specific country. Ezekwesili stressed the need to look strategically at the Diaspora’s role in Africa’s development which will certainly be driven by Africans.
