Elumelu, the Chairman of Heirs Holdings and the Founder of the Tony Elumelu Foundation, stated this in a closing keynote speech titled, “Africapitalism as a Catalyst for Development in Africa” delivered at the Oxford Africa Conference, Oxford University, at the weekend.
Prof. Peter Tufano, the Dean of Oxford University’s Said Business School, introduced Elumelu to a packed audience at Oxford.
Addressing them, Elumelu spoke on what already-established businesses could do to advance Africa’s development through an economic philosophy he calls “Africapitalism” – which focuses on the private sector’s critical role in driving economic and social development across the continent.
“Africapitalism means we cannot leave the business of development up 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.
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.
The President of the Republic of Ghana, Dr. John Mahama, delivered the opening keynote address of this year’s conference in the morning.
Earlier in the week, Elumelu also championed the cause of access to power at the Sustainable Energy For All (SE4ALL) Global Advisory Board meeting in New York.
The board is 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. “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, Elumelu said. “The power sector is therefore a goldmine for investors.”
Elumelu also represented Africa’s private sector in France during a global business dialogue on influencing the agenda for the 2015 Conference of the Parties (COP 21), the leading annual negotiating summit on climate issues.
Elumelu was invited along with an exclusive group of 40 global business leaders, including Jack Ma, the Executive Chairman of Alibaba Group, Tim Cook, CEO of Apple, and Elon Musk, the CEO of Tesla.
Obinna Chima â€¨