Economist and digital technology enthusiast Kasirim Nwuke has advised middle-class and wealthy Africans to stop sending their children to Europe and America for higher education.
In a strongly worded article published on The Africa Report, Nwuke said studying in such countries is why many businesses in Africa do not outlive their founders due to the break in wealth transfer.
“If you are an African of means, of moderate wealth, please stop accepting the fancy but illusive idea that educating your children in the West, namely Europe and North America, is a good idea, enhances for your sense of achievement, of self-worth and/or is good for the inter-generational transfer of the fruits of your labour. Experience strongly suggests otherwise,” Nwuke wrote.
He said many families of wealth in Africa soon descend into poverty or average living following the death of the patriarch, as the children sent abroad hardly return.
“These children are more likely to use your money to create a life for themselves in the US and the UK and leave you still struggling at your business well into the moment you are practically at Heaven’s Gate (or Hell’s Gate, who knows). Your life’s work, all that you struggled to create, will either be inherited by relatives.”
Many mansions of rich Africans are occupied by rodents, the economist further stated, and that when the patriarchs die, their children return for burials to sell off what is on ground and zoom off back to the West.
“Have your children attend local universities. Or some university in another African country, a country perhaps poorer than yours so that they must return. You can even send them to India or the Philippines. But not to Europe, the USA or Australia.”
Children of the rich, Nwuke noted, do not need foreign MBAs to manage their parents’ wealth, and that such pursuits should be left for the children of civil servants and NGO employees whose Western capture would cost society less, but would instead boost remittances. He further explained: