WHAT HAPPENS WHEN LONDON COMES TO ILE BAA MI
London is the capital of the United Kingdom (UK). Ile Baami is a literal phrase in Yoruba that means the home of my father. These two metaphorically cast our minds to the possibility of investment opportunities and adequate attention given to rural areas, like in the cities.
There is a term in Economics called Development Economics that describes how- both human influences and monetary policies can affect the development of a country, and adequately harnessing such factors will stimulate growth in the nation- the Business Professor.
These factors arise from policies affecting Trade, Investment, Labour, Inflation, and Gross Domestic Product (GDP) to the society’s response to economic changes, e.g. supply and demand of products, etc.
Fortunately, this is not an economics class but an attempt to explain how to produce a better living, economic and working opportunities for rural dwellers in a state through investing.
Indian columnist, Shrikant Borkar, mentioned two types of Diasporas: the regular diasporas who strive to find greener pastures in other parts of the world; while excelling and acting as ambassadors of their homeland and the defiant diasporas who do the same thing as the former but tirelessly act as agents of social-political and economic change in their home countries.
Borkar cited the Ambedkar community in the Diaspora (originally the Ambedkar Nagar district in Faizabad division, Uttar Pradesh, India, established on 29 September 1995 by former Chief Minister Mayawati.
The area is named in memory of Bhimrao Ambedkar (an Activist for the marginalized classes) who is renowned for their role as a social change catalyst at home and abroad. Many Indian diasporas, particularly those in the UK, establish community amenities and other laudable projects back home.
Little wonder that Diaspora Direct Investment (DDI) has gone beyond (or deeper) to ensure that investment begins primarily in rural areas and states.
Similarly, almost all countries, Nigeria included, realize this and have joined the bandwagon. This echoes the words of Hon. (Dr) Abike Dabiri-Erewa, the Chairman/CEO, Nigerians in the Diaspora Commission (NiDCOM):
“They [Diasporas] are Nigerians, just like you and I, with origins traced to a village, a community, and a state in Nigeria”…
This vital area of focus prompted NiDCOM to set up the State Diaspora Focal Point Officers (SDFPOs) in almost 36 states of Nigeria and the FCT for Diaspora-related matters to be handled at the state and local government levels.
Some states like Abia, Ekiti, Ondo, Enugu, Benue, Kano, and Nasarawa, in Nigeria to mention but a few, have exceeded from welcoming the idea to appointing key officers and creating offices for better engagement with its indigenes in the Diaspora, but that is a story for another day.
November each year is a busy but insightful period for NiDCOM, as it hosts over a thousand people worldwide at the Nigeria Diaspora Investment Summit, popularly known as NDIS.
Vice-President, Prof. Yemi Osinbajo (M) with Hon. Abike (Dr) Dabiri-Erewa (first lady from the left) with Distinguished guests and NDIS committee during a courtesy visit to the Vice President at NDIS 2022.
Image credit: NDIS
The NDIS, which typically holds in Abuja, is a business and social networking event that showcases the investment opportunities in Nigeria to Nigerians and foreigners alike.
This event promotes pride in the country regardless of your home or diaspora status, because of the growing demand for Nigerian-made products from entrepreneurs disrupting the norm, to provide quality solutions to needs every day, locally and internationally.
Themes from previous years focused on leveraging diaspora resources for economic growth during pre-COVID-19, COVID-19, and even the post-COVID-19 era.
The 2022 theme; “Optimising Investment Opportunities for National Development”, highlighted the many ways investment opportunities are made available in Nigeria, beginning at the grassroots level.
Hon. (Dr) Abike Dabiri-Erewa, OON in her welcome address, stressed that “these investments are going to the grassroots. Therefore, there is a need to decentralize the concept to optimize it to target the right investments”.
With the spotlight on Ondo at the 2022 NDIS, the state government is currently building its Seaport that will do great things for the Ondo state economy and Ekiti state, which by extension, is its sister state.
One of such highlighted by the Ondo State governor, Arakurin Oluwarotimi Odunayo Akeredolu (SAN), represented by His Excellency, Lucky Orimisan Aiyedatiwa, the deputy governor, at the Summit, stated that the Seaport will create an ease of transportation and cargo shipment within and outside Ondo state, especially in the export of large deposits of bitumen among other mineral resources. He added that with the Seaport comes job creation for the people.
Ondo State governor, Arakurin Oluwarotimi Odunayo Akeredolu (SAN), represented by His Excellency, Lucky Orimisan Aiyedatiwa, the Deputy Governor at NDIS 2022
Image Credit: NDIS
Thankfully, some of our brothers and sisters in the Diaspora are teaming up to embark on business and social investments at the grass root level.
For instance, a group of indigenes based in the Diaspora from the Lude-Ahiara community in Ahiazu-Mbaise LGA, Imo state, pulled in funds to have solar-powered street lights in their community for villagers to move safely about at night.
This project also encouraged other indigenes not living abroad to collaborate with their counterparts in the Diaspora to achieve this goal. You can imagine how the villagers must have felt having such a structure in their vicinity.
When investment comes to the grass root level- into states, communities, and villages; such areas become a spotlight for local and international venture ideas.
Again, interest in these areas will boost socio-economic development, which will lead to the provision of social amenities: good roads will be built, provision of clean water supply and alternative sources of electricity; recreational centers will be made leading to a boom in hospitality services; schools and other public structures will be established or refurbished (if such were present) and a whole lot more.
In addition, unemployment will be reduced in the community thereby controlling crime to the barest minimum, and rural-to-urban migration will be minimized since rural areas will become urbanized due to projects going on in their environs.
Most importantly, when such investments are brought into society, the community, the state, and even the country, Nigeria stands to improve economically and from all sides.
Understandably, the fear of fraud and misuse of funds will arise from the Diasporas willing to invest. However, emphasis should be taken that a proper background check should be made before any dealings can be made. It was for one of such reasons that NiDCOM is present to serve as a linkage between the government, MDAs, as well as private-driven entities to ensure transparency as Diasporas invest back home without hitches.
This is a call to action for all Nigerians; whether at home or abroad to invest, in a better country. None can do it better other than ourselves, and it can start small- from our states, villages, and communities.
Wouldn’t it be nice to have our communities in the nearest future called “small Paris, London, or Amsterdam?” That will be something worth looking forward to.
