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Focus on Africa’s private sector, says philanthropist Tony Elumelu

Tony Elumelu spoke about the significance of Africapitalism, and how it could positively impact the African economy. (Image source: OECD Development Centre/Flickr)

A dedicated focus on Africa’s private sector would provide the much-needed economic boost to the continent, said African businessman and philanthropist Tony Elumelu

At the Oxford Africa Conference in the UK, Elumelu elaborated on an economic philosophy called ‘Africapitalism’, which focuses on the private sector playing a crucial role in driving economic and social development across Africa.

“Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organisations alone. We in the African private sector must wake up, recognise and embrace our role in driving the economic growth and the social development of Africa, and we must act on that responsibility in tangible ways,” said Elumelu.

Earlier in the week, the African businessman also spoke at the Sustainable Energy For All (SE4ALL) Global Advisory Board ‎meeting in New York, co-chaired by the UN secretary general Ban Ki-moon and the World Bank president Jim Yong Kim.

“Good governance is good for Africa,” Elumelu said, adding, “Our continent is open for business. There are several opportunities and the return on investment (RoI) is extremely high.”

Specifically, Elumelu emphasised on the massive power deficit in the continent, and called the power sector a ‘goldmine’ for investors.

 

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