Michael Famoroti writes:
“No money is better spent than what is laid out for domestic satisfaction.” – Samuel JohnsonMore here
This equivocal statement may ring true for over 30 million Africans in the diaspora. According to the World Bank, this group remitted over $40 billion to Africa in 2015, with Nigeria and Egypt particularly popular destinations. As it stands, diaspora flows are usually to family and friends, or, occasionally, for investments back home. Many consider this a missed opportunity: African countries are still developing and require substantial funds to accelerate growth. The diaspora – through diaspora bonds – can lend a helping hand, and in doing so, play their role in economic development.