Sitting on my workstation at home with the unfolding global events scrolling on my MacBook, I got lost in the thoughts of the Russia/Ukraine dichotomy, and its impact on the global economy – the energy crisis, the demand, and supply of oil, migration, resource scarcity, cross-border security, poverty, and human right violation. I reflected on the series of events and finally landed it on Africa.
What does this war mean to us?
The drum is no longer whispering, it is banging harshly. Russian missiles are pounding hard on Ukraine; bullets raining on the streets and piercing through Kyiv’s roofs, demilitarizing the nation, and shattering its major infrastructure.
Then the breaking news.
Germany, France, the UK, and Poland supplied weapons to Ukraine. Belarus joined Russia to attack Ukraine. And in far Asia, North Korea fired an unknown missile eastward.
On standby at Ukraine’s side are NATO countries comprising of USA, Canada, UK, Germany, France, Netherland, and Italy; while China, North Korea, Iran, Serbia, and Venezuela [and other anti-America nations] solidly queuing behind Russia.
Political grapevines say that if things go South, China might use this opportunity to wrap up their unfinished business with Taiwan; and Uncle Kim Jong-un will launch the long-awaited attack against South Korea. Maybe the Middle East might also gang up against Israel too.
If things really go south, Europe might soon be in flames, with scars of war spreading to North America, Asia, and the Middle East.
With volatility across Eurozone, Asia, America, and Middle East, the world would be in search of a safe and less-volatile zone for investment. The world would be looking in another direction to put their money – Africa.
Africa might just be that next investment destination and we needed to be ready.
In a recently held Fintech Outlook 2022, a speaker highlighted that over 50% of the 20 fastest growing companies in the world are in Africa. He pointed out that in 20 years, some of the African companies would become part of the world’s top companies. That means Africa is projected to play a dominant role in the future of global business.
With funding out of the way, talent may become the next challenge for the continent (since the brain drain had taken out the Afro-talent). However, with funding flowing into the continent, African talent abroad will start returning to the continent to help develop the space. People will always follow money wherever it goes.
While the war is raging with an unpredictable outcome in sight, it is highly strategic for Africans to start developing solutions – in transportation, healthcare, retail, agriculture, renewable energy, and financial technology – because the tide might just change, and all ships sail towards Africa.
I rise.
#EKO.
[Written when Russia attacked Ukraine].
