The Economic Philosophy of Africapitalism
What Is Africapitalism?
“The future we all want for ourselves is one of our own making.” – Tony O. Elumelu, CON
Africapitalism is the economic philosophy developed by our Founder and Chairman, Mr. Tony O. Elumelu, CON, and is predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development.
The principles of Africapitalism are:
- Entrepreneurship. Unlock the power of individuals to create and grow their business ideas into successful companies
- Long-term Investments. Deploy patient capital that creates greater and broader economic value as opposed to merely the extraction of resources
- Strategic Sectors. Invest in sectors delivering a financial return as well as broader economic and social value – agriculture, power, healthcare, and finance
- Development Dividend. Conduct investments and business activity in a manner that delivers financial returns to shareholders as well as economic and social benefit to stakeholders
- Value-Added Growth. Leverage locally available human and financial capital, raw material and other inputs that create longer, more integrated, and higher value regional supply chains
- Regional Connectivity. Facilitate intra-regional commerce and trade through the development of national and cross-border physical infrastructure, and the harmonization of policies and practices
- Multi-Generational Development. Focus on investments and economic growth strategies that build value for future generations
- Shared Purpose. Foster collaboration between businesses, investors, governments, academia, civil society, philanthropists, and development institutions to create conditions that will empower the African private sector to thrive
Africapitalism is a call-to-action for businesses to make decisions that will increase economic and social wealth, and promote development in the communities and nations in which they operate. Such a decision will ultimately help businesses become more profitable as the communities they serve become well-off consumers, healthy and better educated employees, and even entrepreneurs who go on to become suppliers and service providers.
Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone. The private sector must be involved in the business of development.
