Technological Recolonization and The Second Scramble for Africa

The African market is relatively virgin with our ever-expanding youth population and rise in unemployment. Could the growing attention for an interest in the African market mean something other than what we think? Is it possible that the second scramble for Africa is upon us? 

This rush could mean something more than we care to acknowledge. It is possible that the second scramble for Africa is here and it is so because we have the human capital and market with not enough use case, therefore, we have become an attraction for foreign investors. But the question is, are we attracting the right kind of investors?

Many Africans have made it to the forefront of the fourth industrial revolution, so unless we are willing to wake up from our slumber to build our continent with new and brilliant technological innovations and collaborative effort so that we are not left behind to play catchup, Africa will have to face another global recovery from technological recolonization.

In an era driven by digital innovations and technological breakthroughs, it has become easier for anyone with internet connectivity to access global wealth according to individual capacity and preference through investment in profitable sustainable startups. With new technology such as blockchain whose limit is yet unknown; investors can now remain anonymous while controlling businesses in various nations across the globe.

Having such capabilities, blockchain technology and others like it help to catalyze economic and social advancements far more than we have ever witnessed. This invariably implies that; it is easier to now colonize any region by becoming the dominant investor in the most essential and lucrative sectors of such regions.

The main goal of colonization was to acquire the value offered by exploiting its resources. By having greater foreign investors in the new and developing African digital market, it is clear that a greater chunk of profit will be exploited and exported outside of Africa. In this case, Africa would be working more for others than herself and both capital flight and brain drain will continue. Foreign Direct Investment (FDI) is great but, what kind of foreign investment are we attracting? 

To reduce the risk of technological recolonization in this second scramble for Africa, Africans need to invest more in the Africa projects while engaging in foreign investment opportunities. 

For example, Nigeria which is the most populous black nation in the world has a market size of over two hundred million people and youths account for over 50% of this population. As a result of this attractive youth population, market analyst refers to the Nigerian market as ‘ripe for investment.’

With this in mind, tech and digital startups like NiMEDix Ecosystems have attracted a lot of foreign investors waiting to buy into their healthcare value. It is not surprising to see such high-level acceptance for this healthcare startup because healthcare in Nigeria can be referred to as a goldmine due to the nation’s population and the growing demand for affordable, accessible, and world-class healthcare. Similar to other blockchain solutions, the NiMEDix Ecosystem presents a platform of trust to investors, users, and healthcare personnel but, it goes beyond digital healthcare interoperability, she invests in medical equipment and infrastructure for better healthcare for Africa. This is one of the many reasons why it has been associated with the most influential projects in Africa.

Although the western world has been able to achieve healthcare stability long before the advent of Blockchain technology, it will take Africa decades to achieve the same feat without the aid of the digital innovations and technological advancements such as the NiMEDix Ecosystem. Nigeria’s hope for better healthcare in the shortest possible time may very well be on the NIM coin, Africa’s 1st decentralized healthcare ecosystem digital currency.

The question now is; How much of the NIM coin value will be purchased by Africans and how much of it will take flight to foreign purse?

Co-authored by:
Akipu Gift & Emmanuel Nwanja