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.
Mr. 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 on May 22, 2015.
Delivering his speech, Dean of Oxford University’s Business School, Prof. Peter Tufano introduced Tony Elumelu to a packed audience at Oxford. Addressing them, Mr. Elumelu discussed 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 Africa.
“Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone,” he said. “We in the African private sector must wake up, recognize 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.”