Doing Business in Africa: Entrepreneurship Meets Social Investment

“I see the Chinese and Japanese coming. But my brothers and sisters, where are you?”

His comments were echoed by Michael Obi, Chairman of Spectrum Global Solutions, LLC. Obi drew warm laughter when he said he felt compelled to stand and address the audience as well.

Vanderpuije said President Barack Obama’s first visit to Africa was in his home city “and I thought it would open more opportunities. Yes, some have come but more can come,” he said referring to an earlier show of hands of passport holders. 

“‘We are on Delta flight 402,” he said, as laughter filled the room.

Opportunities exist in agriculture, education, energy and other industries, and small businesses are easier to get started, the panelists said. One example involved a flight attendant who collected clothes from American thrift shops and opened a clothing store in Accra that employs 10 people. Many of those employees may have a college degree because unemployment is high.

"You can have the gratification of doing good, making money and changing lives," said Obi. "You have access to the mayor. Being an American, you already have a brand. You can walk into any country in Africa, you have access and that is a brand you should leverage.” 

Evoking chuckles, Obi recalled attending the NBMBAA annual conference to “party and look for a job in the process.” He spent 17 years in corporate America before starting his own business. He decided to do business back home, but does not live there.

“You don’t have to physically pack up your family to go to Africa and live. I can have dinner in Atlanta, breakfast in Lagos and that evening have a cocktail in Accra,” Obi said, urging attendees to get out of their comfort zone.

He cautioned attendees considering opening businesses to make an initial visit without an agenda, and not to arrive with unrealistic expectations like a few African-American businessmen who thought they could land a billion dollar contract to build bridges after one meeting.

Those in attendance who are interested in starting businesses in Africa were encouraged to do their research and before visiting it was recommended they contact either panelist or Shanti Gilbert, Founder of the PLI Consulting Group, who served as moderator.