Chairman of Heirs Holdings, Mr Tony Elumelu has said that African business leaders need to make decisions that will increase economic and social wealth, and promote development in the communities and nations in which they operate.
Elumelu, in his keynote speech at the Oxford Africa Conference held in Oxford University, United Kingdom, highlighted things business leaders could do to advance Africa’s development through an economic philosophy he called Africapitalism.
Africapitalism describes the private sector’s critical role in driving economic and social development across Africa.
According to him, “Africapitalism means we cannot leave the business of development to our governments, donor countries and philanthropic organisations alone,” he said.
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,” he added.
He spoke on the topic, Africapitalism as a catalyst for development in Africa.’
The Oxford Africa Conference is a leading annual African conference organised by members of the Oxford Africa Society and the Oxford Africa Business Network of Saïd Business School, Oxford University.
A statement by Heirs Holdings noted that Elumelu was introduced to the audience by the Dean of Oxford University’s Said Business School, Prof. Peter Tufano.
The President of the Republic of Ghana, Mr. John Mahama, was also quoted as delivering the opening address.
Elumelu, the statement said, had earlier in the week underscored the importance of power at the Sustainable Energy for All Global Advisory Board meeting in New York.
He said, “Good governance is good for Africa, and our continent is open for business. There are lots of opportunities and the return on investment is extremely high.
“Africa’s power deficit is huge and may not be cleared in the next couple of years; the power sector is therefore a goldmine for investors.”