Ladies and gentlemen, distinguished faculty members, proud parents, spouses, friends, family, and most importantly, the 2024 Advanced Degrees graduating class of MSU, Good Afternoon. I am delighted to be here with you today and I am humbled to have this honour and privilege.
Thanks to Dan Kelly, the Chair of the Board and the Trustees; President Kevin M. Guskiewicz; Congratulations and MSU is in thoughtful hands; Interim Provost & Executive Vice President Thomas D. Jeitschko; Senior Vice Presidents; Vice Presidents; Deans, and in particular, Vice Provost Steven D. Hanson, Dean of International Studies and Programs, who I met in Nigeria in September 2022. Thank you for your kind letter at the passing of my father, Michael Olasubomi Balogun, in May 2023. Dean Judith Whipple, Acting Dean, Eli Broad College of Business and Graduate School of Management, who have graciously hosted me during this visit – and other Senior Administrators of this great institution. I must acknowledge Soji Adelaja, John A. Hannah Distinguished Professor in Land Policy and Chairman of the Board, at Chapel Hill Denham.
I commend the Professors and faculty who have dedicated themselves to producing the graduates seated in the hall today. To the parents, spouses, partners, children, family, friends and loved ones of today’s graduates, your support is truly commendable. As a father, I understand the commitment and sacrifice you have made financially and through advice and mentoring. My wife and biggest cheerleader, Kemi and 2 of our children, our daughters Michele & Marianne – are seated somewhere in the stands. Our other children, Michael, Michaela & Matthew, I wish they were here. I must mention my late Mum, Professor Wale Osisanya, Professor of English at the University of Lagos, where she was on the faculty for 35 years and gave everything for my educational foundation and values. She always hoped that after my Economics degree at the London School of Economics, I would do a Masters degree and then go get a Doctorate. Not quite the way you imagined, Mum, but nevertheless, I hope you are proud.
To today’s graduates, I congratulate you heartily and you have worked very hard to earn your degrees from a leading research university with a stellar global reputation, especially in Africa. I commend your collective spirit, dedication, and perseverance, which we are celebrating today.
For many when we think about MSU, we see an institution that epitomises the power of education to change lives. Given its rich tradition as a land grant university, academic excellence, innovative research, vibrant community spirit and commitment to global engagement, MSU is an impressive institution. It is also the US University most engaged with Africa, through the work of the Alliance for African Partnership. I have spent the last couple of days on the sprawling, East Lansing campus interacting with faculty and students here, what has made an impression on me, is the commitment to produce well-rounded individuals who are equipped to make meaningful contributions to society. Your time at MSU has equipped you with more than just knowledge and a Doctorate. It has provided you with a diverse set of perspectives, practical learning, innovation, all of which are invaluable as you embark on your next steps.
You are in that less than 1% of people globally who have a Doctoral degree and you are both lucky and at the same time under pressure to provide the less well read 99% of us, some leadership. And so what right does this Nigerian and African, who did not get a Doctoral degree, have to share these thoughts with you?
Some of you may be wondering “What next?”. Armed with your MSU PhD or Doctoral degree, please allow me to share today no more than 4 pieces of advice or life lessons, a potential pathway that might make the next few years and your actions, decisions, and investments have a real impact. First piece of advice - Work Hard and Enlarge your Influence. Second piece of advice - Work Smart and Live a Life of Significance. Third piece of advice - Spend Time with your Loved Ones and Travel a lot with them, as Travel is the Enemy of Ignorance. Final piece of advice, I want to speak to you about something that I truly believe will be a part of your future but only a few of us have it in our contemplation – We all need an Africa plan.
Work Hard and Enlarge your Influence – You will find that you only have 25-35 years to work hard before you start getting old and tired. Do not waste those years of your prime and use these years to enlarge your influence or your coast by being the very best version of whatever you do. I believe that a few things make us truly influential – Knowledge, Success, Innovation, Entrepreneurship, Relationships and Charity.
Work Smart and Live a Life of Significance – The quickest path to these things, I have just spoken about is to work not just hard but smart and live a life of meaning or purpose or significance. You need not be a wealthy entrepreneur or banker or tech entrepreneur or investor or property owner or farming business owner or politician or creative genius or sports star, to live a life of significance. It is a choice that you make whether in a long career in academia or in medicine or in charitable work or not for profit or in God’s work, or as a spouse, father, sibling, mentor that your life will be impactful in your community, state, country or the world and that when you finally bow out, it is said that you lived a life of significance.
Spend time with your loved ones and travel a lot with them, as travel is the enemy of ignorance. This time is truly priceless, and you cannot make up for it or reinvent it at the end of your career or later in life. Travel together and see the world and not just visit New York, Washington DC, Los Angeles, Dallas, Boston, Nashville, and Atlanta. Latin America and the Caribbean are a short hop away from you. Europe and the UK offer something different history and culture wise, but you have only lived a well-rounded life, when you have travelled to or in Asia, the Middle East, Israel, and Africa, especially Nigeria.
Now, when I speak of Africa, I am not referring to a singular country or big village, where everyone knows everyone as some believe. Rather, I am speaking about 54 countries with diverse cultures, languages, and governments. Let me also clear this up that stepping out of any African airport does not mean having to dodge lions, elephants, and the occasional cheetah. Yes, the wildlife in Africa is unmatched and impressive, but you are more likely to experience a traffic jam and lots of colour, on your daily commute.
As a financier I am going to speak to you about Africa in numbers…
Demography is destiny – Africa is 10% of the world’s population today but when you retire later this century, it will be 1/3rd of the world’s population. That population will not be isolated from you, and already, Africans have migrated across the world and will be integrated with every major economy globally. 1 in 4 babies are African … 1 in 10 babies are Nigerian … today. By 2100, the share of the world’s babies born in sub-Saharan Africa is forecast to reach 55% from 30% in 2021. This transition is inevitable.
401(k) - When you start accumulating your 401(k) you will find that you are immediately invested in Africa, as every major global company s already there. Coca-Cola and Pepsico are available throughout the continent, as are Visa and Mastercard, Microsoft, Amazon, Google, Meta are investing. The largest American REITs American Towers and Equinix (DC’s) are huge in Africa. All the major resource companies are in Africa. By the time you retire, I predict your 401(k) will have African home-grown brands like MTN, Dangote, Access, Flutterwave, behemoths.
AfCFTA - The African freezone is the largest of its kind covering 54 countries and by the 2nd half of this century, a third of the world’s population. Goldman Sachs research estimates AfCFTA will be 50% larger than the EU by 2075 but that analysis excludes Africa’s diaspora or international GDP which, like Mexico, could easily represent 11 to 12x diaspora remittances; that is 40% of total African spending power today.
Infrastructure multiplier – We are taught that infrastructure has a huge multiplier impact on GDP and in creating jobs and opportunities. But the impact of the first or early infrastructure investments in your community … electricity, mobile phones, internet access, roads … is much larger than simply upgrading your 4G coverage to 5G. Basic infrastructure is unleashing a continent and growth rates will reflect that.
Climate - If Africa develops like the US, or the rest of the OECD and G20 has with the same carbon per capita, it will destroy the world’s climate targets. In order to build a low carbon development path, Africa requires capital and know-how along with its abundant renewable resources for the energy transition.
We are taught that risks are balanced, like a bell curve. Positives and negatives. In hindsight, the development of China, India, or Indonesia, over the last 25 years has been inevitable. Population growth, low leverage, low dependency ratios, high growth, cheap valuations has made this an asymmetric bet. Africa is no different today. Africa can feed the world, resource, and power large parts of the world, support the world, entertain the world and, in NBA terms, beat the world! Africa’s narrative about Africa, is becoming more reflective of its truth, and the continent is rapidly emerging a global powerhouse.
Africa has 65% of the world’s arable land and 60% of the world’s uncultivated land, as well as 10% of the world’s internal renewable fresh water. When one considers this alongside the increasing focus on sustainable agricultural practices, Africa can solve the food security challenges within the continent and globally with expertise in biotechnology, agricultural sciences, land policy and supply chain management.
Africa is home to 30% of the world’s mineral reserves but accounts for just 10% of global mining exploration spend, there are significant, unverified additional reserves across the continent. The continent is home to around 65% of EV minerals lithium, cobalt, graphite, manganese etc. Africa's untapped potential for renewable energy sources, is compelling. Africa is home to 60% of the best solar resources globally, yet only 1% of installed solar PV capacity. A small part of the Sahara could power the EU or the world. Africa's wind resource potential is as high as 59,000GW and hydro- power potential is 1,750 GW.
Over 60% of Africa’s population is under the age of 25 and is the driver of growth. The economic rise of China and India were the first great shocks of this century. Africa’s rising youthful tide will most likely drive the next seismic shift. Africa is changing so rapidly it is becoming hard to ignore. The world is becoming more African, said a recent New York Times headline. The world is changing, and we need to reimagine Africa’s place in it.
As you start on this new journey, remember that with every change, there are always opportunities to explore. Be bold, resilient, embrace diversity, show empathy, stand strong, and always strive for a more equitable and prosperous future for all. There might be times you fail, or face challenges that seem insurmountable, but your indomitable Spartan spirit has been nurtured within these halls of learning and I hope that you will find the strength to keep moving and succeed.
Today, you are not just advanced degree graduates of Michigan State University; you are global citizens, poised to make a difference in the world. Congratulations, Class of 2024. The world is yours to shape, and to improve. Never forget that the impossible is the untried, so please go out and make a difference.
Thank you all and God speed.
