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Nigeria needs more Diaspora investments, philanthropic contributions –PAAC chairman

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Prof. Olatokunbo Onabanjo, Chairman, Pan African American Chamber of Commerce(PAAC) has called for increased diaspora investments, remittances and philanthropic contributions to Nigeria and other African countries.


Onabanjo stated this in a chat with the News Agency of Nigeria (NAN) on Sunday in Lagos while speaking on the forthcoming trade and investment conference with the theme “Hope for Africa” holding in the United States.


The Hope for Africa conference being organised by the Pan African American Chamber of Commerce is scheduled for Sept. 9 to Sept. 13 in Atlanta, Georgia, U.S.


According to him, disposal engagement has become crucial to bringing Nigeria out of its current socio-economic and security challenges.


Onabanjo said the country needs an increased diaspora involvement in its development initiatives.


He said that the conference would allow for engagement with the Nigerian diaspora and the African-American community, which could result in increased diaspora investments to Nigeria and other African countries.


Onabanjo said: “This engagement will also facilitate knowledge transfer, technology exchange, and skills development, supporting economic growth and development.


“The conference would provide a platform for Nigerian businesses to network with African-American entrepreneurs and explore potential partnerships, trade opportunities, and investments. This will lead to increased trade and economic growth for Nigeria.”


He said that the conference would encourage knowledge sharing, cultural exchange, global exposure, trade and investments, capacity building, network and collaboration, promotion of African brands and products.


Onabanjo, who was the Director of Computer Services during Tinubu’s administration as governor of Lagos State, said that the conference would feature panel discussions, workshops and presentations on business, entrepreneurship and economic development.


“Nigerian participants can gain valuable insights and knowledge from industry experts, which can be applied to foster economic growth in Nigeria.


“Participation in the conference will enhance Nigeria’s international visibility and reputation as a favourable destination for investment and business opportunities.


“This will attract foreign investors and promote Nigeria as a hub for trade and commerce in Africa.


“It will offer Nigeria significant economic, cultural, and diplomatic benefits, fostering growth and collaboration between Nigeria and the African-American community,” he said.


Onabanjo, a seasoned project manager and member of Certified Project Management Professionals, said that the conference would lead to increased trade partnerships, investments, and business collaboration, promoting economic growth and job creation in Nigeria and across Africa.


“The conference is aim at bringing together a diverse range of participants, including policymakers, business leaders, and professionals from Nigeria, Africa, and the African-American community.


“This provides a unique opportunity for networking, fostering collaborations, and exploring new business opportunities.


“These connections will lead to partnerships, joint ventures, and knowledge-sharing initiatives that contribute to economic growth.


“The conference will serve as a platform for Nigerian and African businesses to showcase their products, services, and innovations to a global audience.


“This exposure will enhance the visibility and marketability of African brands, leading to increased exports, foreign investment, and economic growth,” he added.


He noted that the conference was also expected to enhance increased collaboration among African countries to foster regional integration and cooperation such as the African Continental Free Trade Area (AfCFTA).


“Overall, the expectations for collaboration, innovation, and investment from Nigeria and other African countries towards the development of African economies are aimed at fostering inclusive and sustainable growth, reducing poverty, and unlocking the continent’s immense economic potential,” he said.

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