Business leader tells investors to engage Africa’s private sector for development

Tony O. Elumelu, chairman of one of the most diversified investment groups in Africa has told the United States and international investors to engage proactively with Africa’s private sector to develop the continent.

He made this known on his departure to Dar es Salaam, Tanzania, as part of a delegation handpicked by the White House to meet with President Obama, a statement has said.

Elumelu talked about the rules of engagement for Africa having changed and that those looking to invest on the continent should consider aligning with an economic philosophy he called ‘Africapitalism’.

“Africa’s economic history has been characterized by extractive industries and rent seeking practices that have not created development in any meaningful way. ‘Africapitalism’ is simply saying there is a better and more ethical way to invest in Africa for a sustainable future,” he explained.

By Dorcas Appiah