Sierra Leone is transitioning its approach to diaspora engagement, moving from rhetoric to effective policy and investment support for citizens abroad wishing to invest at home. The Sierra Leone Diaspora Investment Conference (SLDIC) in London marked a pivotal moment in this transition, with seven cabinet ministers and the Governor of the Central Bank in attendance. This was the largest government delegation to engage with the diaspora, demonstrating the government's commitment to fostering partnerships and encouraging investment.
The SLDIC conference saw direct government discussions with diaspora professionals and investors, with a survey of over 400 attendees revealing that 78% were prepared to invest between $1,000 and $5,000. However, only 33% expressed trust in the processes back home, highlighting a crucial gap that the government needs to address. The Vice President acknowledged past frustrations with investing in Sierra Leone and stressed that trust must be built through partnerships, signalling the government's willingness to work collaboratively with the diaspora.
The groundwork for this partnership was laid months before the conference, with key milestones including the National Investment Board's (NIB) formal partnership launch in April. The NIB played a proactive role during the conference, demonstrating an ongoing commitment to diaspora investment in Sierra Leone. During the discussions, pressing questions about community-level conflicts arose, with Millicent Lewis-Ojumu querying how the government would support diaspora investors unfamiliar with local conditions.
Dr. Edward Hinga Sandy, Executive Director of the NIB, assured attendees of a new aftercare framework to support investors on the ground, citing recent interventions in local pineapple farming as an example of their commitment. Various government ministers reinforced the NIB's support, with Minister of Tourism, Nabeela Tunis, crediting the NIB for their crucial assistance in developing viable projects.
Minister of Lands, Dr. Turad Senesie, assured investors that the government would facilitate land acquisition, easing initial barriers to investment. The Vice President highlighted the government's commitment to open dialogue, allowing businesses to raise concerns directly. The collaboration demonstrated a unified approach, where ministries provided sector expertise and the NIB served as the primary entry point for diaspora investors.
To enhance the investment landscape, the NIB has initiated several improvements in Sierra Leone, including a One Stop Shop for investors and quicker business registration aimed at a 24-hour turnaround. An aftercare strategy is also embedded in the National Investment Strategy for 2025-2030, aimed at supporting investors and promoting sustainable growth.
The NIB's initiatives, coupled with the recent governmental collaboration in London, are seen as vital for encouraging diaspora investment. The NIB will continue these discussions back home in December during an event in Freetown, taking place from 28-29 at the Radisson Blu Mammy Yoko Hotel, with tickets available for $125, covering both days with meals included.
Key points
- The Sierra Leone government is shifting its approach to diaspora engagement, focusing on effective policy and investment support.
- The National Investment Board (NIB) is playing a crucial role in supporting diaspora investors, with initiatives such as a One Stop Shop and quicker business registration.
- The government is committed to open dialogue and collaboration with the diaspora, with a focus on building trust and promoting sustainable growth.
