Nigerian billionaire businessman and real estate mogul, Kennedy Okonkwo, has urged African and Nigerian billionaires in the diaspora to channel their wealth into the continent, warning against foreign dominance in key economic sectors.
During ‘The Invest in Africa Series 2025 London Edition’, Okonkwo warned that investors from China, Lebanon, and India are swiftly seizing prospects in Nigeria, slowly dominating the economy.
The head of Nedcomoaks Limited, Okonkwo, stressed the importance of Africans controlling their own economic future instead of depending on foreign assistance or overseas investors.
“The power to rewrite Africa’s story lies not in the hands of foreign aid but within us.
“Africans at home and in the diaspora, the moment of action is now. For centuries, we have been spectators to a narrative of struggle and dependency, but today, we stand on the brink of transformation,” he declared.
Okonkwo’s investor campaign continues in Manchester on March 22 and Birmingham on March 23, where he aims to convince African billionaires to prioritize investment in sectors like agriculture, real estate, technology, and education.
Highlighting the continent’s vast natural resources, Okonkwo pointed out that:
Africa holds 60% of the world’s arable land and 30% of its mineral resources and yet, it imports $35 billion worth of food annually
“This is not a curse but a call to harness our natural blessings in the agricultural sector,” he noted.
He also emphasized the financial strength of Africans abroad, stating: “The African diaspora has a combined wealth of $2 trillion. If Africans abroad invest just 10% of that back home, we can revolutionize the continent.”
Okonkwo expressed concern over the growing influence of foreign businesses in African industries, particularly in construction and engineering.
“As we Africans rush out of Africa, we find the Indians, Lebanese, and Chinese taking over our dear Africa,” he warned.
“If you look across Africa today, you will see plenty of Syrian engineers, Lebanese construction companies, and foreign firms dominating key industries. This is an opportunity for our diaspora human resource experts to return home and train our people to benefit from the vast potential within the construction sector,” he stressed.
Encouraging African billionaires to bridge the gap between diaspora wealth and local talent, Okonkwo urged them to invest in Africa-owned businesses and industries.
“We need to reunite and build together. Nobody will build a better Africa than Africans,” he added.
Acknowledging leadership challenges in Africa, Okonkwo insisted that abandoning the continent is not the solution.
“We may have leadership challenges, but we cannot continue to throw away the baby with the bathwater,” he said.
Okonkwo’s campaign is a strong appeal for diaspora billionaires to take back Africa’s economic destiny and make investments in sustainable growth throughout the continent, since he is a fervent supporter of African-led economic reform.