$500bn Diaspora Investment Drive To Accelerate Africa’s Growth

A major initiative aimed at mobilising more than $500 billion in diaspora investment capital to drive Africa’s economic transformation is set to gain momentum as key stakeholders gather in Lagos for the Africa Entrepreneurs Festival (TAEF) 2026.

The initiative is being championed by former President Chief Olusegun Obasanjo, Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, California State Transportation Secretary Hon. Toks Omishakin, and Afretrade Incorporated, a California-based trade and investment platform.

Organisers say the effort is designed to leverage the growing economic influence of Africans in the diaspora to stimulate trade, investment, entrepreneurship and sustainable development across the continent.

The three-day festival, scheduled to hold from June 17 to 19 at Eko Hotels and Suites, Victoria Island, Lagos, is expected to attract entrepreneurs, investors, innovators, policymakers and business leaders from Africa and across the globe.

Speaking during a press briefing in Lagos, Chief Operating Officer and Festival Director of Afretrade, Dr. Charly Lemassi, described TAEF 2026 as Africa’s largest and most ambitious gathering of diaspora investors and entrepreneurs.

She announced former President Obasanjo as the grand keynote speaker, alongside prominent personalities including Dabiri-Erewa, Omishakin and veteran actor and entrepreneur Richard Mofe-Damijo.

According to Lemassi, the festival will serve as the formal launch platform for two strategic initiatives aimed at deepening Africa’s economic integration with its global diaspora.

The first is the Afretrade Economic Renaissance Movement, a coordinated effort to position Africans in the diaspora as a key driver of trade, investment and institutional development across the continent. The second is the Lagos-California Sister States Economic Corridor, designed to create structured economic linkages between Lagos and California, two of the world’s most vibrant commercial hubs.

“For the first time, we are bringing together the full strength of the global African diaspora, investors, entrepreneurs, innovators and policymakers, with a common mandate to build a sustainable ecosystem for Africa’s economic renaissance through capital, innovation and strategic partnerships,” she said.

Founder and Chief Executive Officer of Afretrade Inc., Lekan Salami, noted that the theme of this year’s festival, ‘Africa’s Economic Renaissance,’ reflects the organisation’s commitment to connecting Africa’s economic aspirations with global capital and opportunities.

“TAEF is the flagship event of Afretrade. It was established to bridge Africa’s ambition with international investment and business networks capable of unlocking growth across key sectors,” Salami said.

The festival will feature entrepreneurship training sessions, business masterclasses, SME development workshops, technology and innovation exhibitions, trade and investment forums, diaspora funding opportunities, youth talent competitions, and investor-entrepreneur roundtables.

Youth Director of the festival, Paul Akume, disclosed that organisers have also earmarked a $5,000 seed fund to support the most innovative young entrepreneur participating in the event, as part of efforts to encourage youth-led enterprise development.

According to Afretrade, delegates from more than 40 countries across Africa, North America, Europe, Latin America and the Caribbean are expected to attend. These include investors and business leaders from the United States, Canada, the United Kingdom, Brazil, and several countries in West, East, Central and Southern Africa.

Organisers estimate that the combined economic footprint of participating diaspora investors and business networks exceeds $500 billion, highlighting the enormous potential of diaspora capital to support Africa’s industrialisation, job creation and long-term economic growth.

They expressed optimism that the festival would create new pathways for cross-border partnerships, unlock investment opportunities and strengthen the role of the African diaspora in shaping the continent’s economic future.