African businessman and philanthropist Tony Elumelu has called on business leaders to make decisions that will increase economic and social wealth, and promote development in the communities and nations in which they operate.<\/p>\n
Mr. Elumelu, the Chairman of Heirs Holdings and the Founder of the Tony Elumelu Foundation, stated this in a closing keynote speech titled,\u201cAfricapitalism as a Catalyst for Development in Africa\u201d delivered at the Oxford Africa Conference, Oxford University on May 22, 2015.<\/p>\n
\u201cAfricapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone,\u201d he said.<\/p>\n
He challenged the private sector in Africa to wake up, recognise and embrace their role in driving the economic growth and the social development of the continent.<\/p>\n
“We must act on that responsibility in tangible ways\u201d he added.<\/p>\n
The Oxford Africa Conference is a leading annual African conference organized by members of the Oxford Africa Society and the Oxford Africa Business network of Sa\u00efd Business School, Oxford University.<\/p>\n
The conference opened with a keynote address from Ghana’s President John Mahama who underscored a more integrated Africa as key to business growth.<\/p>\n
Earlier in the week, Tony Elumelu also championed the cause of access to power at the Sustainable Energy For All (SE4ALL) Global Advisory Board \u200emeeting in New York. The board is co-chaired by the UN Secretary General Ban Ki-moon and the World Bank President, Jim Yong Kim.<\/p>\n
\u201cGood governance is good for Africa,\u201d Tony Elumelu said. \u201cOur continent is open for business. There are lots of opportunities and the return on investment is extremely high\u201d he added.<\/p>\n
Africa\u2019s power deficit is huge and may not be cleared in the next couple of years, Elumelu said, pointing out that \u201cthe power sector is therefore a goldmine for investors.\u201d<\/p>\n
Tony Elumelu also represented Africa’s private sector in France, on Wednesday, 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. Mr 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.<\/p>\n
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