A renowned Kenyan lawyer and scholar Professor PLO Lumumba has provided a strong history lesson speaking about the need of Africans sponsoring African institutions for the sake of Africa.
Prof. Lumumba said in the interview, which has now gone viral on social media platforms, that the African Development Bank Group (AfDB) derives majority of its funding from overseas investors.
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He further emphasized the importance of African countries taking ownership of their development by financing their affairs rather than relying on foreign help.
Africa’s development issues, according to Prof. Lumumba, may be traced back to the continent’s colonial past, when resources were exploited and taken for the profit of the conquering powers.
He contended that this history of exploitation continues now, with African countries compelled to rely on foreign aid and loans from international financial organizations.
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“We have to begin to take responsibility for our affairs. If we want to build unwavering African institutions, we must fund them ourselves. We cannot continue to rely on outside investors to fund our growth,” Prof. Lumumba said.
He added that while foreign aid and investment can be good for African countries, they should not be the primary source of finance. African governments and institutions should seek local investment and funding from the private sector and institutional investors.
Oladele Dosunmu, the CEO, and Co-founder of Stepwise International Training, said he keeps on emphasizing the same issue strongly, “we need to look inwards, we need to pull our resources together as a people, we need to synergize within the diaspora and on the continent for the development we want, we need to find pan African institutions who genuinely care about Africa’s developments with no strings attached.”
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He indicated that as the globe grapples with the economic consequences of the COVID-19 pandemic, Africa’s unity as an economic bloc is the only option left to empower the African people.
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