Toyin Umesiri, Nazaru‘s CEO and Founder of Trade with Africa Business Summit, spoke to Africa Global News‘ Editor Samuel Abuya on a wide range of issues revolving around, but not limited to, international trade in and around Africa. Here is Part One of that interview, Part Two and Part Three will follow.
AGN: Take us through your growing up, briefly.
Toyin: I was born in the northern city of Kaduna in Nigeria and when I was 2 years old my parents moved back south and settled in Abeokuta, Ogun state. I lived in Abeokuta from that time until I left the country in 2004 to pursue my Masters of Science in Information Systems degree in Central Michigan University in the United States. Growing up in Nigeria was fun and a strong work ethic was instilled in me as I grew up. I was raised by my parents to offer my best to the world and always find ways to be of service to others.
AGN: There is no doubt that you are among the best African minds in developing global business solutions and strategies in retail and manufacturing industries, how did you find your footing in this space? How was the beginning? Did it happen to you at any time that you felt like throwing in the towel?
Toyin: I don’t think that things just happen to us, we must actually have a vision and work towards it. I have always been an inquisitive person and I consider myself a life-long learner who wants to know how things worked. I tend to get bored with monotonous activities so when I was in corporate America I wanted to work on the latest technology, initiatives or concepts. This perspective on life allowed me to acquire exceptional skills along the way. I also did not allow anyone or myself to limit what I could work on. I studied SAP in graduate school and this exposed me to all the critical functional areas of a business. I had responsibility for designing and implementing robust solutions to meet the needs of global brands.
AGN: What is the place of the African woman in the African economic and trade circles? Do you think she has claimed her space in the high table? If yes, tell us what you think has led to that. If no, what do you believe should be done by women in Africa and not forgetting the governments?
Toyin: Women have always been the backbone of the African economy. When you look at the informal trade sector, women lead and they actually run things as they determine the flow of goods and services from the farms to the markets. One of the challenges Africa has today is that the informal sector continues to be unaccounted for.
I personally feel that until the women who lead these sectors are acknowledged, celebrated and brought to the table they will continue to operate outside of the regulated market.
AGN: Quite a good number of African countries is turning east, or should we say it is china which is looking more into Africa and making more investment in Africa unlike before. Many people have termed this as a new scramble for Africa, what is your take?
Toyin: There is great uncertainty in the global market with the Brexit and the US-China trade war. This has led to existing global players to scramble for new markets to either sustain or grow their own economies through exports.
A strong export strategy has always been the primary engine of growth and Africa is seen as a large market to grow into. China sees Africa as a growth region for their economy and they use the continent to create jobs for their own people on debt that future generations of Africans will pay dearly for.
I am not opposed to borrowing but, today, most African countries are borrowing to grow other people’s economy because, largely, the borrowed funds do not create jobs for the Africa youth and the funds do not stay in African banks. If Egypt, for example, awards a contract to a Chinese firm on money provided by Chinese banks. After signing the money flows from a Chinese acoconut into another Chinese account. Yes they build the roads etc but the debt remains and China just moves on to the next project and repeats the same strategy. This circle has to be broken. To grow your economy you have to create jobs. To create jobs you have to finance projects. Africa should not be financing any project that doesn’t translate into jobs for the people because those same people will carry the debt for years…and since they dont have jobs how do we expect them to be able to pay the loans back? This, in my opinion, is a double tragedy.
AGN: Africa, as whole, has been described as one of the biggest markets in the world in which almost every other big businesses from the west is looking forward to trade in or already have their foot in, do you think this comes with more harm than good to African-based businesses?
Toyin: The only harm I see is that Africa does not have a stronger export strategy. As others come into your market you should be penetrating theirs as well, this is the whole point of Bilateral trade Agreement but African countries are non- performing on their side of the trade equation. A good example is the AGOA. U.S. is currently an open market to Africa which is one of the most favorable trade policy to ever exist on paper however for 19 years African businesses have yet to fully maximize it. So what you find is that Africa has not organized itself enough to compete with the rest of the world equally on the global market. Africa has what it needs but what is missing are organized systems and processes, funding a winning export strategy and mobilizing the private sector to participate in the global economy.
AGN: Many quarters have complained that Africa has sort of been turned into a kind of a ‘dumping site’ of substandard goods from the outside markets, do you agree and what do you think should be done to rectify that, if yes
Toyin: Africa failed to raise its it’s own standards. People go to where they perceive there are opportunities for them and if their are no gatekeepers to determine what would be allowed and what would not be, then what we see today is the reality.
AGN: Quite a good number of African economies have lamented of brain drain, cases in which trained African professionals head to the west for well-paying jobs or for what someone would call greener pastures, what, in your perspective, do you think should be done to retain these minds in the continent keeping in mind that some of the economies in question cannot afford to pay them the kind of amounts they get or are promised out there?
Toyin: In my opinion brain drain continues to exist because many African leaders are not leading inclusive governments and they have no cohesive strategy on attracting or developing talent. In fact, many diasporas desire to be more engaged in the local economy but they continue to encounter protectionist mindsets that have failed to either acknowledge talent or engage talent. I have sat in town hall meetings where diasporas offered their support but the leader didn’t take the offer.
We have global influence and wealth that is being non functioning for Africa. So I encourage that an active effort be taken to attract talent back to the continent. It is not all about money in fact many are willing to give back if they would know where their skills are needed.
AGN: Young African entrepreneurs, or those who would like to venture into entrepreneurship have been caught between a rock and a hard place (however a cliché that may sound) in terms of joblessness and inability to raise seed capital to kick-start their businesses or ideas, what would be your advice to both African governments and the youth in general on that?
Toyin: Entrepreneurs need to learn how to collaborate and build communities and functioning eco-systems that provides collective good. There is power in numbers. If you are looking to build something solo then it becomes more challenging. Partnerships and collaboration would go a long way. I also encourage people to build Associations and communities that can collectively lobby their government. The voice of a group of people is louder than if one person wanted infrastructure. Infrastructure is built around a community of people and not for individual businesses.
To be continued……
