As I reflect on the experiences of my peers, I am reminded of the challenges faced by inventors and entrepreneurs in Africa.
A close friend, for instance, was forced to flee Zimbabwe due to inadequate security measures, highlighting the difficulties of operating in unstable environments.
In my opinion, Zambia and other African nations have much to learn about supporting innovators and entrepreneurs.
The reality is that technology poses significant threats to traditional businesses and societies, extending beyond what is visible on the surface.
During my time in South Africa, Switzerland, and China, I gained valuable insights into the inner workings of the technology and mining sectors. Through my corporation, I acquired assets and expertise that have been instrumental in shaping my perspective.
One crucial aspect that warrants attention is the exorbitant pricing of technology used in mining, rendering it inaccessible to local entrepreneurs.
I have acquaintances who design and manufacture these machines, only to have them exploited by investors who reap substantial profits using cheap labour.
These investors then externalize their gains to foundations, avoiding taxes and subsequently channeling funds back to their governments. In turn, these governments provide aid to African nations, which is then utilized to employ teachers, nurses, and other essential professionals.
However, this creates a vicious cycle, as these nations remain dependent on foreign entities for vital resources, including cars, seeds, salt, and other commodities.
A critical question arises: why do blacks seldom own hardware industry assets, despite their immense revenue-generating potential and cross-border implications? The answer lies in the reality that Foreign Direct Investment (FDI) often prioritizes the interests of external parties over those of local populations.
Ultimately, this results in a paradoxical situation where a country boasts vast riches, yet its citizens remain impoverished. It is imperative that we reexamine our approach to FDI and prioritize the development of local industries, ensuring that the benefits of economic growth accrue to the African people.
By Arnold Nyendwa
The author is a Zambian entrepreneur
In some African cultures, a pervasive mindset persists: that elevating others will inevitably lead to them surpassing us or flaunting their success. This perception fuels a ‘crab mentality,’ where individuals would rather hinder others’ progress and let them struggle than provide support and encouragement.
This mindset stifles collaboration, innovation, and community growth. It reinforces a zero-sum game mentality, where one person’s gain must come at another’s expense. By embracing a more inclusive and supportive approach, we can break free from this limiting mindset and foster a culture of mutual upliftment and collective prosperity. Thanks for sharing.