With the increased repatriation of educated Africans from around the world with development-centered goals, Africans are increasingly less materialistic and more pro-developments. Majority of the intelligent and educated population prefer to see finances invested into growth-induced projects. Posting pictures of your homes, cars and other properties are becoming much less of interest to the general public. Dino Melaye, what the world would rather see, is the developments that have stemmed from your tenure in the senate of Nigeria, the increased infrastructure, better educational systems and the likes. Mbuvi Gidion Kioko also known as Mike Sonko, Kenya’s economy craves more growth to contribute to the nation’s gross domestic products. Why not invest in converting locally sourced gold to finished products worthy of exportation?  Linda Ikeji, Nigerians are probably more interested in development-focused achievements rather than your I-have-arrived-from-poverty newly acquired ability to buy cars and other materialistic assets. The below are Top 5 reasons the flaunt of materialistic wealth is much less significant to Africans today:

1. Many African countries are experiencing economic down times. For example, Nigeria is still pulling out of one of the worst recessions ever. Sharing these images publicly on your own isn’t becoming of a successful person who worked hard for his/her wealth. It’s more a trait of someone who acquired wealth by illegal means. Enjoy your wealth privately and do more good publicly.
2. You are idolizing materialistic wealth in an era whereby Africans needs to focus on increasing local production and developments. Over 50% of Africans are living below the poverty line. The continent needs more investments pumped into creating jobs and entrepreneurial opportunities.
3. The import-export ratio between Africa and the rest of the world is extremely uneven. We know all your cars are imported. Not exactly a direction the continent is proud of today. Buy it where needed but why flaunt it?
4. Flaunting your wealth says this about your brand positioning: “I bought it to show off.” Enjoy the proceeds from your hard-work quietly. At this time, when corruption-induced recession is causing thousands of deaths in Africa daily, no one cares about Range Rovers or Ferraris. Intelligent people who worked hard for their wealth, prefer to enjoy it privately and ward off criminals.
5. Africa needs more leaders and role models. Can you be one? Flaunting wealth is not a trait of real leaders. Ask Nelson Mandela, Barack Obama and others.

 

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Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.

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