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TONY ELUMELU OPENS THE  FIRST-EVER AFRICAPITALISM INSTITUTE

TONY ELUMELU OPENS THE FIRST-EVER AFRICAPITALISM INSTITUTE

The Visioneer and strong Advocate of the unique concept of Africapitalism, Tony Elumelu has put his money where his mouth is by taking the bold step of establishing a first-of-its kind Africapitalism Institute.
Elumelu, who is the chairman of Heirs Holdings and founder of The Tony Elumelu Foundation, announced the launch of the Institute at the just-concluded World Economic Forum on Africa, in Abuja, Nigeria’s capital.
According to him, the institute will serve as a pan-African think tank to focus on unlocking and promoting economic opportunities across the continent. “The Africapitalism Institute belongs to all of us. It is the first pan-African think tank headquartered in Africa, and founded and funded by Africans” Mr. Elumelu noted
The Institute will preach the philosophy of Africapitalism across Africa and the world. As a fully African funded and led think tank, the institute will focus on academically- rigorous, practically applicable research and multi-stakeholder engagement to advocate for public policies and business practices that will unlock opportunities for all Africans.
During the occasion, key players in African Economic sector hailed the initiative:I am here to salute a winning idea” noted Dr. Donald Kaberuka, President of the African Development Bank, hailing the power of “ideas coming from African wealth creators and risk takers who act as role models” and offering the Bank’s full support in advancing the Africapitalism agenda.
Dr. Rajiv Shah, Administrator of the United States Agency for International Development (USAID), highlighted the United States Government’s commitment to taking forward the principles of Africapitalism and noted President Barak Obama’s recognition of the vital role played by African entrepreneurs in transforming the continent.
Executive Secretary of the United Nations Economic Commission for Africa, Dr. Carlos Lopes, commended Tony Elumelu for “doing all the necessary things – both in terms of reflection which informs policy-making and execution, to ensure things happen”, adding “this is what makes Africapitalism credible.”
During the launch, David Rice, the Director of the Institute presented an example of the institute’s preliminary research demonstrating that “not all growth is created equal.” The initial research emphasizes the difference between a county’s rate of economic growth versus the amount of growth from local value creation and multiplication. It also briefly explains some of the indicators that feed into its “Theory of Change” as a catalyst to drive Africapitalist investments across Africa.
Also Mr. Kola Karim, CEO of Shoreline Energy Group also commended the Institute and reaffirmed his company’s continued support.
Members of the Advisory Board include: Jose-Maria Asnar, former Prime Minster of Spain, Jim O’Neill, former Chairman of Goldman Sachs Asset Management and coiner of the BRICS and MINTS acronyms, Matthew Bishop, US Business Editor and New York Bureau Chief, The Economist and Amir Ben Yahmed, Founder and Editor-in-Chief, Jeune Afrique and President of the Africa CEO Forum.
Africapitalism, was coined by Tony Elumelu and it involves a clarion call on the private sector to commit to making long-term investments across Africa that generate both economic prosperity and social wealth.

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