‘72.1m people displaced globally in half year 2024’

Business leaders from across Africa have called for advanced private sector solutions for internally displaced people and other impacted communities.

The call was made during the 2024 Africa Roundtable on Private Sector Solutions held in Lagos, to explore innovative ways the private sector can support communities impacted by internal displacement organized by the United Nations High Commissioner for Refugees (UNHCR) in collaboration with the Government of Nigeria.

Discussions centered on the barriers to investment, underscoring the need for collaboration between government, development banks and private sector unlock opportunities in these regions.

It was stated that an estimated 72.1 million people were internally displaced globally as at mid-2024, with approximately 50% of them residing in Africa; with Conflict remaining the leading cause of internal displacement, accounting for more than 90% of cases globally.

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Also, it was observed that the effects of climate change – particularly floods and droughts – are increasingly driving displacement, with recent flooding displacing over 5.7 million individuals in Sub-Saharan Africa.

Special Advisor on Solutions to Internal Displacement, United Nations, Robert Piper, stated that IDPs often face prolonged displacement with limited access to basic services, legal protection, and economic opportunities.

This, he said, hinders their ability to meet basic needs, contribute to economic development, increases their reliance on humanitarian aid, and exacerbates social tensions within host communities.

“We have a new generation of solutions plans that promise to move millions of internally displaced persons onto solutions pathways. The private sector has a vital role to play – by creating jobs, supporting entrepreneurship, driving economic growth. We need capital, we need ideas, we need creativity, we need markets. Success depends on it,”he said.

He stated further that despite the potential, the fragile environments in many affected countries pose significant challenges to private sector investment, due to high risks and the absence of enabling regulatory frameworks.

Vice Chairman of Tropical Investments Group (TGI), Farouk Gumel, stated that among other solutions, modernizing agricultural practices, expanding access to finance, enhancing climate-resilience, fostering innovation through technology, investing in durable solutions, and enhancing digital connectivity were highlighted.

He said, “It’s time for the private sector to recognize the immense potential and responsibility in addressing internal displacement, let alone at our doorstep. By leveraging our resources and expertise, we can create sustainable solutions that not only support displaced and host communities but also drive economic growth and innovation for all.

“To effectively operate in internal displacement contexts, it is crucial to establish a favorable regulatory environment, implement de-risking strategies, and foster public-private partnerships. By addressing these key areas, we can ensure that the private sector is empowered to contribute meaningfully and sustainably to the well-being of displaced populations and their hosts.”

The roundtable brought together over 250 participants from 11 countries and focused on nations with the highest populations of IDPs, including Burkina Faso, the Central African Republic, and Chad. Other countries discussed included Niger, Ethiopia, Mozambique, Nigeria, Somalia, Sudan, and South Sudan, all grappling with significant displacement challenges.