Nigerian entrepreneur and philanthropist Mr Tony O. Elumelu and other co-chairs of the just-ended World Economic Forum on Africa held in Kigali, have insisted that “Africa rising” is not a myth but a true story.
They are Dr Akinwumi Adesina, President of the African Development Bank (AfDB); Graca Machel, former first lady of Mozambique; Phillipe le Houerou, CEO of the International Finance Corporation and Tarek Sultan Al Esso, Vice Chairman of the Board Agility.
Mr Elumelu, discussing the topic of ‘moving Africa forward’ at the forum organised by the New Partnership for Africa’s Development (NEPAD), said: “When people say Africa is on the move, it is truly on the move because we have an ecosystem that is supporting itself. Let us remember to keep passing the baton to others in reference to championing young African entrepreneurs across the continent.”
Mr Elumelu said the only way the continent’s anticipated movement would happen is when the private sector helps to create significant jobs and employment for the youth, addressing one of society’s most pressing needs and challenges.
He said: “I would rather invest in Africa than elsewhere in the world because the return on my investment in Africa is much higher than elsewhere in the world. I see myself as an Africapitalist and everything I do is guided by this philosophy.”
On his part, Dr Adesina said: “We must recognize that it the 4th industrial revolution is already on its way but everything revolves around access to power and electricity and job creation.”
He however added that the huge numbers of the youth who do not have jobs on the continent, heighten social and economic fragility in Africa.