Africa open for Business! (Mkeka Redux)

*If you do not see a video above, please go to this link to watch it(updated 1/19/2008):
http://www.ted.com/index.php/talks/view/id/127

I listened recently to a talk from Ms. Ngozi Okonjo-Iweala, a renowned Nigerian woman, who was talking about ways to help Africa as a whole. Her major topics in the talk (if you do not have the time to listen to the whole thing) were corruption and foreign investment. She started with a story of how a Nigerian man who worked for an oil company and as a politician was recently caught and jailed in London for embezzling eight million dollars worth of stolen funds into his personal accounts. However, he escaped from London (dressed as a woman), and made it back to Nigeria. Since in Nigeria politicians have immunity from certain laws, he could not be tried. However, his state legislature was so enraged that they managed to impeach then arrest him. Justice was served, and yet this is not the Africa you hear about everyday. But there is an air of change in the way that many African countries are run, and Ngozi is at the forefront of these changes.

Ngozi Okonjo-Iweali is the former vice president of the World Bank, and Nigeria's first female Finance and Foreign Minister. She has dedicated her life to fighting corruption in Nigeria so that more success stories like these can become a reality. She has begun her fight against both internal corruption and a large part of corruption which comes from overseas. Many people and companies outside of Africa will make deals with corrupt Nigerian businessmen in order to gain a higher profit. To this, she says, "Is that not corruption? In this country (the united States), if you receive stolen goods, are you not prosecuted?". However, with help from a willing President, Nigeria is now putting programs in place to reclaim the money being siphoned out of the economy by corrupt dealings. Her other major argument is that Nigerians are grateful, but tired, of receiving aid. To draw on Ngozi's sentiments, the best way to help Africans, and in fact any persons from any underdeveloped country, is to help them stand on their own two feet. She calls for investment, not hand outs, in African countries that are beginning to start the long process of stabilization.

I feel that Ngozi really hits the nail on the head with this speech. For so long, Africa has been stigmatized by the "Neighborhood effect", as she calls it. This is where the conflicts and problems of one or two countries effects how the global community views the continent as a whole. In reality, many African countries are beginning the long process of rooting out corruption and stabilizing themselves. So maybe she is right and the best way to help is simply to do business with them. Invest in and buy goods from companies that invest in African countries so as new African businesses form, their expansion is not stifled by a lack of interest in their services. Not only would this bring honest and hard earned money into the economy, but it will also help the common man since more jobs would be created.

These jobs could positively impact the attitudes and practices of African peoples and governments. And if you are wondering how investing could actually do all this, well maybe the key is in Ngozi's words:

"There is no issue with fighting malaria and putting money in that and saving children's lives. That's not what I am saying, that is fine. But imagine the impact on a family if the parents can be employed, and make sure their children go to school, that they can buy the drugs to fight the disease themselves... isn't that a wonderful opportunity? Isn't that the way to go?"

It is, as with all things, not the cure all. But it is a very good start.