This unbalanced relationship also means that the terms of exchange became unbalanced and unfair. Whilst money, finished products and advanced services flowed into Africa in ample quantities, natural resources serving as raw materials flowed out of the continent in much larger quantities and African leaders were powerless to negotiate, leading to a culture of dependency.
According to a 2020 report by McKinsey on the state of Nigeria’s fintech industry, the country’s bustling fintech scene raised more than $600 million in funding between 2014 and 2019, attracting 25 percent of the $491.6 million raised by African tech startups in 2019 alone—second only to Kenya, which attracted $149 million. Same year, Nigerian fintech giant, Interswitch, announced it had reached a valuation of $1billion, the first African firm to do so, after a huge investment from Visa.
Participants at the event include Vice President of Liberia H.E. Jewel Howard-Taylor, Governor of South Sudan Denay Chagor, Vice President of Nigeria H.E. Yemi Osinbajo, President of Ghana H.E. Nana Akufo-Addo, and the Immediate past US Secretary of State, Mike Pompeo. A number of African companies and American business leaders also participated in the event.
It means a world that does not impose unfair burdens on developing countries when global cooperation is required,” said OsinbajoA core component of proceedings at the summit involved deliberations on intensifying Foreign Direct Investment into Africa.