Africa needs strong institutions, institutions that drive a Pan African agenda, are focused on doing and executing. Afreximbank’s does just that.
I often talk about entrepreneurship – I always mention the need for an enabling environment. Afreximbank is an enabler.
So, it was a day of powerful and timely conversations at the 25th Afreximbank AGM hosted in Cairo, Egypt, as I joined prominent public and private sector leaders from across Africa, to discuss the role of the Africa Continental Free Trade Area (AFTCA) in creating a path to Africa’s economic transformation.
I spoke on the key drivers of economic growth in Africa and the urgent role of the private sector in catalysing economic prosperity on the continent – I had three themes: trade, power and youth. I call all this Africapitalism – the power of a responsible private sector – a private sector that invests for the long term – that recognises its duty to society and the environment – that creates value in Africa and gives back. And I, Afrexim and Heirs Holdings are absolutely aligned on this.
African countries hardly trade among themselves. To encourage intra-Africa trade, we must produce what our people need, as well as identify and support small scale businesses.
Power is another engine for Africa’s economic development, no country can progress without robust access to power supply. Access to electricity is critical for the industrialization of Africa and the value creation that should occur on our continent!
As strong proponents of Africapitalism, Heirs Holdings currently invests in Africa’s power sector, and today, our we have generating capacity of 2000 MW of electricity which supports Nigeria and now exports regionally. But we could do so much more – the difference between what we can do and what we are doing in power is still too wide!
I will never cease to promote, champion, and aid our young. I see day in and day out young entrepreneurs creating job opportunities for others, that also help to break the cycle of poverty in their communities. This why the role of Tony Elumelu Foundation is so critical.
Truly, nobody but us can develop Africa; it is our collective responsibility as citizens, as public and private sector leaders, as opinion shapers and influencers to collaboratively create the Africa we want for our generations.
I believe that in the 21st century, it is no longer just about the size of capital that development financial institutions have, but also, how we deploy that capital to help industrialise and develop Africa, so that the AFTCA’s purpose of catalysing economic development and creating shared prosperity for all, can be truly achieved.
So, I salute Afreximbank’s role, and urge to join this collective effort.
#TOEWay #Africapitalism #AAM2022
