Nairobi, the next great global city?
Tony Chen

Thank you Kinyungu for an interesting and hopeful assessment. I love optimism out of Africa (though I’m biased towards Kenya’s other northern neighbor). I look forward to the day when Africa begins defining social, political and economic norms in Africa and globally (if it isn’t already).

I think limitations on foreign ownership can have a plus side to prevent what Ethiopia refers to as “rent-seeking” — taking profits with little real investment in people, infrastructure, and technology transfer. Also, the economic scale of external parties (i.e. foreign banks and equity firms) can often surpass that of African countries, meaning sometimes the short-term interests of a few are pitted against the widespread needs of a country . That’s one reason Ethiopia has restricted foreign ownership in key industries like banking and I think to the country’s credit.

Look forward more from you — tx !

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