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Can Africa Build A TRILLION-DOLLAR Fund Like Norway? ????
Building a #Norway-like TRILLION DOLLAR #SovereignWealthFund for Africa and her Global Diaspora could be accomplished by tasking an African university (#MakerereUniversity’s College of Business and Management Sciences or #CoBAMS) and a Black American HBCU (#MorehouseCollege’s Division of Business Administration & Economics) with undertaking a comprehensive study of Norway’s $1 trillion sovereign wealth fund (also known as the Government Pension Fund Global or Oil Fund) with a view to creating an identical one for the world’s people of African descent.
This Trillion Dollar Sovereign Wealth Fund of the African Diaspora (TDSWF-AD) could help to bring an end to Africa’s disgraceful reliance on China’s #Exim Bank, the #IMF and other global lenders for the loans on which African countries have come to slavishly depend for the funding of their various development needs. It could also help Black Americans to realise their own economic, social and educational goals.
Norway, a country with a population of a mere 5 million, has proven oil reserves that are comfortably SURPASSED by those of four African countries (#Libya, #Nigeria, #Angola and #Algeria). And yet, through visionary leadership and prudent management, she has succeeded in amassing the world’s largest sovereign wealth fund (worth over $1 TRILLION) and one that has made #krone millionaires (on paper) of every single one of her citizens.
The #AfricanDiaspora, with a global populace numbering over 1.3 billion and whose hydrocarbon and other natural resources (to say nothing of her human talents) are valued in the HUNDREDS OF TRILLIONS of dollars, has no credible excuse for its own failure to emulate its Norwegian counterparts. Congo (#DRC) alone has an estimated $24 TRILLION in untapped deposits of raw mineral ores - equivalent to the combined #GDP of #Europe and the #USA!
To that end we should engage the world’s wealthiest continental African (Nigerian industrialist #AlikoDangote) and the world’s wealthiest Diasporan (African-American investor #RobertSmith) to serve as the joint patrons of this proposed Trillion Dollar Sovereign Wealth Fund of the African Diaspora. To assist them in this historic venture would be other equally distinguished African and Diasporan financial services titans such as #TidjaneThiam (the current CEO of #CreditSuisse) and #KenChenault (the former CEO of #AmericanExpress).
Such a distinguished set of individuals leading so ambitious an initiative would excite the imaginations of African-descended peoples the world over in a manner not dissimilar to the way in which the 1995 #MillionManMarch on Washington DC galvanised African-Americans and inspired them to stage the largest ever gathering in US history.
The Makerere-Morehouse Sovereign Wealth Fund Initiative (MMSWFI) would be the financial analogue of the ‘Million Man March’ and could soon broaden into a global project involving the economics and business faculties of EVERY university in Africa as well as those of every #HBCU in America.
[As for the seemingly Herculean task of raising $1 TRILLION: it would require Africans and their supporters to do nothing more than raise one thousand lots of $1 billion. Or one hundred lots of $10 billion. Thus, in order to fully fund the TDSWF-AD, we would need to assign 1000 individual investor or crowdfunding entities across the planet with the task of raising $1 billion each. Or get 100 such entities to raise $10 billion each. Such that if, for example, the citizens of each of Africa’s 54 countries (along with their respective Diaspora populations) set themselves the goal of raising $10 billion each (via global capital markets or other sources) they would have amassed $540 billion - or more than HALF the $1 trillion! Not an impossibility.]
An unprecedented social media campaign, backed by the unmatched star power of the African Diaspora’s sporting and entertainment celebrities, could inspire every person and institution of African descent (along with all non-African individuals and institutions that love Africa and her people) to contribute to this fund. Once launched, the TDSWF-AD could soon surpass the sovereign wealth funds of Norway, China and the UAE to become the world’s largest, amassing far in excess of its stated $1 trillion goal.
And institutions like #Makerere and #Morehouse would be among this fund’s very first beneficiaries, securing for themselves the much-needed resources with which to grow their facilities and educational services into world class establishments to rival Oxford, Stanford, MIT and their ilk ????
#BlackNorway #TrillionDollarAfricaFund #TrillionDollarFund