Happy weekend,

Last Saturday,

Last week, we explored how David Hundeyin's worldview exemplifies a dangerous regression to the Cold-War-inspired ideological thinking that stunted Africa's development after independence. We explored his insistence on all of Africa’s problems as being the work of CIA, or the "imperial core", that is the US, France and the United States.

Thankfully, he did not read and did not drag us on Twitter for being ‘pro-imperialists’ as he does anyone who disagrees with him. But he hasn’t stopped and probably won’t. Just last week, he made this post:

Today, we continue this conversation by examining another false binary: the choice between total rejection of aid as with the Wakandans of Black Panther, and unquestioning dependency. We use Bill Gates's recent $200 billion pledge to Africa and Captain Traoré's rise in Burkina Faso, to explore how both extreme positions, whether rejecting all Western assistance or embracing it without conditions, miss the fundamental point about governance and strategic thinking.

We invite you to read and draw the connection between these two all-or-nothing way of seeing Africa’s place in the world yourself.

To new business.

According to a 2020 piece by the Financial Times, Nigerians are the most educated immigrant group in America, with 61% holding bachelor's degrees compared to just 32% of US-born citizens.

Also, more than half of Nigerian immigrants (54 per cent) were most likely to occupy management positions, compared with 32 per cent of the total foreign-born population and 39 per cent of the US-born population.

But here lies the paradox that connects to our broader conversation about governance and development: this success happens despite, not because of, the terrible economic conditions back home.

Nigeria produces world-class talent that transforms industries globally, yet struggles to create conditions for that same talent to thrive domestically. The $25 billion in annual remittances sent home from these Nigerians abroad—equivalent to 80% of the national budget—represents both a triumph and a tragedy. It is a both a proof of Nigerian capability as well as evidence of systemic dysfunction.

Of course, this is one problem we can’t blame on the ‘imperial core’ though Hundeyin wouldn’t mind doing so. In short, just weeks ago, he described Zikoko’s segment where people share their japa stories as a “CIA Social Engineering Front” and “foreign interference.”

This, of course, is nonsense. Millions of young Nigerians would rather not be in Nigeria at this point in history. You don’t need the CIA to engineer that. Just scroll through social media or speak with a recent graduate. While it may seem tragic in the short-term, on the long run, Nigeria would benefit from this wave of emigration.

The reason for the rise of the japa syndrome is that young Nigerians know they need the fraction of the effort they put into surviving in Nigeria to thrive elsewhere. The very same problems that makes us want to emigrate also forges the resilience and creativity that enables us to succeed abroad.

We also shared the inspiring stories of African immigrants who've built successful businesses abroad, as well as one who returned to Nigeria and built a successful business.

We wish you the best of the weekend.

The SimplVest Team

Foreign Aid in Africa: Between Necessity and the Wakanda Fantasy

Foreign aid in Africa has always been heavily contested. The obvious reasons is because it sits at the intersection of goodwill and power, survival and sovereignty. As such, it has often been met with either blanket dismissal, or with unquestioned patronage.

In this post, we analyse foreign aid for what it is: a tool, one whose efficacy depends on how it is wielded, by whom and toward what ends.

👉 Full Story here: Foreign Aid in Africa: Between Necessity and the Wakanda Fantasy

Immigrant Businesses Succeeding in the UK

Immigrant businesses succeeding in the UK are becoming a defining force in the country’s economy, where thanks to a diverse customer base and connected markets, immigrants have the chance to build successful businesses.

We share the story of how Africans, including Nigerians and a Kenyan are building thriving businesses across the UK, some of them from their apartments and with little.

👉 Full Story here: Immigrant Businesses Succeeding in the UK

Immigrant Businesses Succeeding in Canada

Immigrant businesses succeeding in Canada are becoming a defining force in the country’s economy. This is the story of four immigrant businesses succeeding in Canada. Among them is Bolaji Akintola, who after learning that African immigrants in Fredericton were missing their traditional foods, began developing plans for Divine African Market while still in Nigeria.

Then there’s Chika Dike who arrived in Sudbury, Ontario from Nigeria in 2019 and opened a thrift shop to serve fellow immigrants.

We also share the story of Victoria Adefala and Funmise Oladeji, who created one of Hamilton’s most beloved African restaurants. And that of Asha Wheeldon, a Kenyan who built a thriving food business.

👉 Full Story here: Immigrant Businesses Succeeding in Canada

Wilson’s Juice: How Two Brothers Left the US, Came to Nigeria and Built a Multi-Million Business

This is the story of how two brothers left the US, returned to Nigeria and built Wilson’s Juice into a multi-million naira juice empire.

👉 Full Story here: Wilson’s Juice: How Two Brothers Left the US, Came to Nigeria and Built a Multi-Million Business

Till Next Saturday,

If you loved what you read, be sure to forward it to a friend. If you have any thoughts, you can leave us a comment by replying to this mail. We would love to hear back from you.