Dr. Dauda Lawal, Executive Vice Chairman of Credent Capital and Advisory LTD, was named a distinguished recipient of the 11th Edition of the African Achievers Awards, which took place on Friday, December 10th at Kensington Palace in the United Kingdom.
The African Achievers Awards is one of Africa’s most prestigious awarding bodies, honoring great African Achievers – from African Leaders to Young Achievers, Community Builders to Captains of Industry – whose contributions have had a significant impact on the development of Africa.
Due to the awards, an International Colloquium was conducted at the University of Cambridge on Thursday, December 9th.
Lord Simon Woolley, Master of Cambridge University’s Homerton College, sponsored the Colloquium.
Mr. Lawal was one of the African leaders chosen to appear at the Cambridge Colloquium as a keynote speaker.
The financial expert highlighted that the topic is both apt and topical, especially in regard to finance and development in Africa, in his address titled “mobilizing diaspora investment for sustainable development in Africa.”
He said: “In a precarious world of global socio -economic upheavals worsened by a most difficult era of coronavirus pandemic, no time is more suitable for the revival and sustenance of the African continent than now.
“According to population experts, African diaspora is over 40 million. Nevertheless, the figure is believed to be far higher than estimated, as it does not encompass subsequent generation of migrants as well as those who migrated as a result of the pre-colonial Atlantic movement.”
Lawal added: “Diaspora Africans enamored with their homeland go into investments, from their host countries in favor of their origins or heritages. Diasporic Africans are all over the world from Europe to the Americas, Asia, Middle East to Nordic settlements. The mobilization of Diaspora investment across the globe is vital to the economic growth of Africa towards sustainable development.
“A World Bank report (2019) indicates that Diaspora investments in form of remittances to Africa stood at 86 billion dollars. I am glad to inform you that a significant sum ,22 billion dollars were received by my country, Nigeria in 2018.
“This surpassed her entire federal budget of that year, totaling 18 billion dollars by $2 billion. These exclude remittances through informal and unregistered channels, raising prospects of higher investments.
“I am confident to state that the Nigerian case study represents, notwithstanding in varying proportions, the scenario in virtually all the 54 countries in Africa.
“Beyond financial repatriations, there is also investment through real estate. In fact, the desire to acquire and develop real estate serves as the largest investment either by individuals or groups in relation to Diaspora Africans. The preference for real estate is driven by economic considerations on micro and macro levels. The estates fill the gaps of ‘housing at retirement’ for the home ward bound migrants, place of abode for nuclear and extended families, commercial houses, lease or sale, collaterals for bank loans and related transactions among other values.”
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