Friday 11 August 2023

Hail the new king of global commerce - the AfCFTA!

This is going to be the age of the African Renaissance. No question. In light of that, wouldn't it be marvellous, if Nigeria (and the rest of the continent's nations), acted swiftly to ban foreign investors using special purpose vehicle subsidiaries, registered in offshore tax havens (such as Luxembourg and Mauritius, for example), from investing in Nigeria's national economy?

Such offshore tax havens serve one purpose only: they enable dishonest entrepreneurs from outside Africa, to get away with the ruthless-grifting of Mother Africa.

They are here to recolonise the continent cloaked as foreign direct investors. Nothing more, nothing less, dear critical-reader. Full stop.

Above all, foreign direct investors must be required by law, to sign only win-win partnership agreements, anchored on strict adherence to ESG principles in Nigeria, and elsewhere in the continent - if Nigeria and the rest of Africa are to ever benefit from direct foreign investment. Full stop.

After all, is the AfCFTA not the world's largest free trade area in terms of number of member countries, territory, and population, I ask?

And, does it not connect 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion? Can't African entrepreneurs prosper mightly engaging in intra-African trade? Haaba. Case closed.

The Africa of old is dead and buried - and we most certainly don't need ruthless and dishonest foreign direct investors trashing the natural environment, enslaving workers, and dodging taxes, in the age of the African Renaissance. Long live the new king of global commerce, Africa!

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