A Rainy Day In New York And The Future of African Business – Opinion

As one of the final events during the 2024 United Nations General Assembly, a drizzly fall Saturday did little to deter an eager crowd gathered at Columbia Business School. The Africa Business Club and Nigerians in New York had organised an insightful discussion, “Doing Business in Africa: The Role of the Diaspora.”

Sponsored by NALA, the money transfer service that’s “Born in Africa, built for you!”—a phrase that captures the essence of our shared experiences—the event brought together thought leaders and business school students eager to unlock Africa’s potential through innovation. As a visual artist, my interest in economic development might not be immediately apparent, but as an African, I recognise that our growth requires collective effort.

Beyond my art practice, I am deeply committed to impact investing and leveraging technology for social and economic good. Over the years, I have seen some of my most-believed-in projects dissolve due to evolving challenges. Attending this event rekindled my passion for creating solutions and advocating for Africa’s economic future.

The agenda began with a “Fireside” chat featuring Iyinoluwa Aboyeji, who described himself as a servant to the entrepreneurs building solutions. His remark, “I’m not an environmentalist. I’m the furthest thing from green,” elicited laughter but underscored a crucial point: While Nigeria and Africa can certainly learn from global capitalist models, we must acknowledge that we cannot simply replicate them.

For example, the United States of America’s economy is rooted in Hamiltonian and Smithian principles, characterised by individualism and competition, creating a rigid starting line that often disempowers those who bear its burdens. The foundations of economic models like America’s are rooted in values designed to exclude more people than they include, fostering systemic inequalities that lead directly to the degradation of social and cultural institutions.

In contrast, Africa has the opportunity to forge a path that prioritises inclusivity and sustainability alongside economic impact. Our approach should not only aim to drive profits but also ensure that economic empowerment reaches as many people as possible. By building an ecosystem that values social impact and equitable growth, we can create a distinctly African economic narrative that embraces our unique context and challenges.

Next came the panel discussion, hosted by Daniel Jayeoba, Co-founder and CEO of Guideli, who maintained a focused and engaging atmosphere. Osilama Idokogi, COO of United Bank of Africa (UBA) Americas, shared insights on institutional banking, while Oluwabankole Falade, Chief Regulatory and Public Policy Officer at Flutterwave, addressed the complexities of navigating regulatory frameworks. Flutterwave, a fintech company that facilitates global payment processing for African businesses, highlighted the ongoing challenges in the regulatory landscape and expressed hope for progress.

Dr. Jumoke Oduwole, Special Advisor to President Bola Tinubu on the Presidential Enabling Business Environment Council (PEBEC), emphasised that “book knowledge isn’t everything.” She stressed the importance of practical knowledge, asserting that productivity and competitiveness are vital for economic growth.

While I am critical of some aspects of capitalist ideology, I acknowledge the necessity of fostering productivity and competitiveness. Building African capacity to drive economic growth will require significant support through technology. We’re asking Africans to “learn and apply” simultaneously. As investors, we must understand the weight of these expectations on founders, employees, supply chains, and customers. Our investments should strengthen, not erode, Africa’s social institutions as they evolve.

The conversation naturally shifted to the trust issues that often hinder collaboration, both on the continent and among the diaspora. Benjamin Fernandez, Founder and CEO of NALA, made a compelling argument for the need to invest in one another and to understand our risk tolerance. While it’s easy to discuss investments, trust is essential when it comes to action. As we build trust through consistent accountability, we must also embrace business models that prioritise social impact alongside capital. The self-destructive cycle of exclusionary capitalist ideologies will not build Africa for Africans.

As the diaspora audience posed questions to the panel, seeking ways to add value to challenges that often seem distant from their realities, Falade offered a nugget of wisdom: “Remittances are good, but remit for a purpose.” This resonated with me as an impact investor; sending money home is easy, but let’s channel those funds into transformative initiatives. Investing in global markets using African skills and capabilities isn’t just a noble aspiration—it’s a necessity.

While impact investing may not be as glamorous as traditional venture capital, it promises sustainable development. It highlights a future where creativity and innovation align with economic growth—our pathway to prosperity.

As I walked into Harlem in the rain, reflecting on the thoughtful discussions, a truth emerged: the diaspora can no longer be a passive observer but an active force in the unfolding narrative of Africa’s economic renaissance.

As a visual artist, I’ve explored how creativity shapes our world, bending lines and layering colors to reflect the complexity of human experience. I’ve also realised that the same creativity driving my work on canvas is key to transforming Africa’s economy.

Africa’s future is not a distant prospect; it is something we are actively creating. My experiences using digital tools to collaborate with founders have shown me that Africa’s future transcends infrastructure and innovation hubs. Capacity building is not linear; much like art, it involves trial and error, bold strokes, and fine details, punctuated by necessary disruptions. In these moments—whether economic, political, or technological—Africa continues to adapt and thrive. Innovations like mobile money, blockchain, and breakthroughs in agricultural tech testify to our ability to leapfrog stages of development, fueled by ingenuity and creativity.

Many investors posit that for African businesses and individuals alike, our capacity to earn in global markets will be significantly enhanced by embracing artificial intelligence and cloud-based technologies.

The diaspora can support local founders striving to provide reliable, tech-driven solutions to communities across Africa. I’ve invested in energy tech with a team that provides solutions for generating power, managing resources and optimising for climate sustainability. I believe in innovations like this to fuel economies—not through extraction but through empowerment.

This vision is not a utopian dream; it is unfolding now, driven by every artist, technologist, and entrepreneur who believes in building the future rather than waiting for it.

Olubukunola Animashaun

Olubukunola Animashaun (Buki Mariam) is a digital leader and visual artist. She merges her artistic creativity with her passion for technology-driven solutions.

Follow us on: