Nigeria’s foremost philanthropist and Chairman of Heirs Holdings, Tony Elumelu has stated that his investment in the power sector is all about making profit but developing Africa while creating shared opportunities for the continent.
Elumelu, who was speaking during an interview with BBC, stated Africa has economic potential that can be realized when the private sector invests with the aim to build human capacity and developing societies.
He stated that the concept which he termed ‘Afri-capitalism,’ is to galvanise the private sector to invest in critical sectors of the African economy ‘that will help us ultimately to drive economic prosperity and human improvement.”
“Africa is not well understood, every day, I want to see my living as an opportunity to showcase what Africa is made of and tell the world that in Africa we have entrepreneurs, economists, philanthropists, and business people who work in a very straightforward way.”
While stating that there has been commitment from investors towards the development of Africa, he said the success of the private sector is not out of line with what governments and the public sector wants to achieve.
“I got to see that there is a need for intersection, business and doing good. That forms the whole basis and inspiration of Afri-capitalism. For instance, when you invest in power in Africa, it is not just about profitability but creating prosperity and uplifting Africa because without access to electricity, we won’t develop as a continent.”
“The young entrepreneurs we support in the Tony Elumelu Foundation, I tell them to tell me how their business will help create prosperity for them and the society, It is one of the eligibility criteria we use to choose who benefits from the programme. This is because we want to inculcate it into the subconscious of upcoming entrepreneurs and business leaders that it is not about you succeeding in business but succeeding in business that uplift everyone because that is how we can help develop Africa.”