The Global Advisory Board of the Africapitalism Institute will today in Abuja hold its inaugural meeting to kick-start discussions around Africapitalism, an initiative which the originator, Tony Elumelu, one of Africa’s most successful businessmen, believes holds the key to the Africa’s future well being.
Africapitalism is an economic philosophy that calls for the African private sector to take the lead in the economic transformation of Africa through investments that generate both economic prosperity and social wealth.
Initiated mid last year by Elumelu, chairman of United Bank for Africa (UBA), Heirs Holdings, and founder of The Tony Elumelu Foundation, the Africapitalism Institute is the first pan-African think tank headquartered in Africa, and founded and funded by Africans.
The Institute’s mission is basically to conduct academically rigorous, applied research to identify ways in which Africa’s private sector can play a catalytic role in Africa’s economic transformation and social development.
The institute believes that with the right investment approach and enabling environment, Africa can continue to grow economically and create new employment opportunities for Africans across the continent.
A cocktail reception and a panel discussion is holding later this evening at Transcorp Hilton, Abuja as part of the coard’s inaugural meeting, the institute announced in a statement.
Jim O’Neill, former chief economist of Goldman Sachs and creator of the terms ‘BRICS’ and ‘MINTS’ and a member, Global Advisory Board will feature as the keynote speaker.
Tony Elumelu, founder of the Institute; Jose Maria Aznar, former president of Spain, member of the board; as well as Donald Kaberuka, president, Africa Development Bank (AfDB) are all panelists. Zain Verjee, former co-anchor, CNN International, is being expected as the panel moderator.
Matthew Bishop, globalisation editor of The Economist; Amir Ben Yahmad, managing director of the Jeune Afrique Group and president of the Africa CEO Forum, as well as Tandeka Nkiwane, special advisor to the CEO of the NEPAD Planning and Coordinating Agency are all board members also expected at the event.
Elumelu champions the idea that long-term focus on key sectors such as infrastructure and power does not only offer high returns but, in the process, can also help Africa deal with pressing problems such as unemployment and food security.
