Africa’s private sector key to winning war on poverty
United Bank of Africa Tanzania head of Marketing and Cooperate Communications Brendansia Kileo poses for a picture with Tanzanian entrepreneurs attending the Tony Elumelu Entrepreneurship Forum taking place in Lagos, Nigeria. PHOTO I Janet Otieno-Prosper
What you need to know:
Africapitalism is the economic philosophy founded on a belief that Africa’s private sector can and must play a leading role in the continent’s development
Lagos. Economic experts have suggested that Africapitalism is the only way out of poverty that is ailing the continent.
Speaking on Friday during the opening of the third Tony Elumelu Foundation Entrepreneurship Forum (TEF) at the Nigerian Law School in Lagos, speakers stated that it was still possible for African entrepreneurs to reap profits and still make a positive impact on their communities by helping others to grow economically. TEF is a showcase of innovation and entrepreneurial potential that exists in Africa. It brings together thousands of entrepreneurs and other ecosystem stakeholders from across Africa.
While opening the conference, TEF Chief Executive Officer Parminder Vir called on the entrepreneurs to go and make people understand what it meant to be successful and make Africa stand out by adding value to their economies.
Initiator of the forum Tony Elumelu called on the already established entrepreneurs to make Africa a respectable continent by helping others grow their business.
“For you to succeed, you must uplift others to help Africa prosper and make Africa a respectable community,” he charged. Associate professor of New York University David Rice explained the concept of Africapitalism as adding value to society, while reaping profits at the same time.
UN Resident Coordinator in Nigeria Edward Kallon pointed out that Africapitalism focused on promoting prosperity on the continent and ending poverty. “Africapitalism is the economic philosophy founded on a belief that Africa’s private sector can and must play a leading role in Africa’s development,” he explained adding that Africapitalism was a call for action for businesses to make decisions that would increase economy and promote development in communities and nations in which they operated.
One of the Tanzanian entrepreneur attending the forum Allen Kimambo, the CEO of Zaidi Enterprises, which deals in recycling of waste paper said the passion and the energy of other entrepreneurs at the forum and their eagerness to do great things for Africa inspired him to realise that what he was already doing in Tanzania was real and could change Africa’s economy.
“It is so encouraging and this will surely transform Africa. We are on the right path,” he said.
