Ngozi Okonjo-Iweala Headlines ABS Roundtable on Boosting Diaspora Investment for Africa’s Economic Growth

WTO Director-General Dr. Ngozi Okonjo-Iweala led discussions at the latest African Business Stories (ABS) Roundtable in Washington, D.C., calling for a decisive shift in Africa’s development approach , from donor dependency to strategic investment fueled by the diaspora and private sector.

Held at the offices of Akin Gump Strauss Hauer & Feld LLP, the event convened prominent voices from finance, policy, and entrepreneurship. Since its launch at the 2024 United Nations General Assembly, the ABS Roundtable Series has focused on dismantling barriers to African business growth, particularly addressing the continent’s $42 billion gender financing gap.

The high-level meeting featured leaders such as Admassu Tadesse of Trade & Development Bank, World Bank Executive Director Zainab Ahmed, and Bank of America's Yvonne Ike, among others. They emphasized that building resilient economic systems requires local value addition, trust in governance, and scalable financing platforms.

In a fireside chat moderated by Ike, Dr. Okonjo-Iweala stressed the importance of leveraging Africa’s strategic minerals to drive manufacturing and innovation, not just exports. “Africa’s strength lies in value creation, not in raw material giveaways,” she said, urging countries to negotiate smarter deals and invest in industrial capacity.

A key panel moderated by Kenechi Eze of Moneda Invest Africa included voices from UNDP’s Timbuktoo Initiative, Unicorn Growth Capital, and Culturally Bound. The dialogue focused on how diaspora capital, when directed through credible financial vehicles, can help convert Africa’s 44 million SMEs into powerful engines of growth.

Akaego Okoye, founder of African Business Stories and convener of the series, noted that diaspora investment must go beyond money. “It’s about building systems that change how the world engages with African entrepreneurship,” she said

Participants agreed that tapping into diaspora potential, reforming financial structures, and strengthening institutional trust are central to unlocking Africa’s long-term prosperity.