The private sector is now driving to get to the forefront in Africa’s development. According to the African Development Bank, Africa’s private sector, in addition to fueling economic growth through investment and job creation over the past few decades, is also embarking on investments and innovations to tackle development challenges, such as health, education, nutrition and food security, climate change, water scarcity, mobile communications and infrastructure.
To secure sustainability in global competitiveness, Africa’s private sector will need stepping global partnerships. As it appears many large African companies are already engaging partnerships around the world in many areas of investment. Even so African businesses and governments at all levels will do well to show that they can forge strong partnerships among themselves in the first place.
Today many of the most effective and scalable market-based development solutions are being developed and delivered through global partnerships between business, governments, development agencies and even civil society.
To be successful African agents in global business partnerships will need to build enduring relationships and prepare themselves with the skills and attitudes needed to effectively engage and sustain a global partnership. With African companies most of the micro and small variety, it is important governments begin to search for approaches for transitioning local companies into global players with enduring and effective partnerships.
African governments and companies can tap into the huge wealth of resources of its diaspora, especially considering that the Nigerian diaspora alone remitted back about $24 billion in 2019. In the final analysis, partnerships work best when developed through relationships. So the African diaspora should be well placed to help in securing these partnerships.
