Embracing Africapitalism: Path to Sustainable Development and Economic Empowerment

Embracing Africapitalism: Path to Sustainable Development and Economic Empowerment

Africa stands at crossroads – a continent beaming with potential, innovation, and promise. As we navigate the complexities of the global landscape, it is important that we chart a course towards sustainable development, inclusive growth, and shared prosperity.

At the forefront of this transformative journey is the philosophy of Africapitalism—a bold and visionary approach to economic empowerment, driven by the belief that the private sector has a pivotal role to play in advancing Africa’s development agenda.

I am deeply committed to harnessing the power of strategic partnerships, innovative solutions, and inclusive policies to drive sustainable development across the continent. We are working to unlock Africa’s vast potential and empower its people to thrive and prosper.

At the forefront of this transformative journey are three critical themes that demand our urgent attention and collective action:

Entrepreneurship and Job Creation for Global Food Security:

The role of entrepreneurship in fostering global food security cannot be overstated. As we grapple with the challenges of food insecurity and hunger, entrepreneurship emerges as a powerful tool for innovation, resilience, and sustainable agricultural practices. Through initiatives like the Tony Elumelu Foundation (TEF), we remain committed to empowering African entrepreneurs to drive agricultural innovation, create jobs, and enhance food security across the continent.

Economic Empowerment of Africa’s Youth to Address Migration Challenges:

Africa’s youth represent a demographic dividend and a catalyst for economic growth and prosperity. By investing in the economic empowerment of Africa’s youth through entrepreneurship, skills development, and access to finance, we can unlock their potential as agents of change, address migration challenges, and create meaningful employment opportunities.

Private-Public Partnerships for Access to Healthcare and Innovation:

Access to quality healthcare is a fundamental human right and a cornerstone of sustainable development. Yet, millions of people around the world lack access to essential health services, medicines, and vaccines. Through private-public partnerships, we can democratize access to healthcare, foster innovation, and improve the quality of life globally. The United Bank for Africa (UBA) stands ready, as always, to collaborate with foundations to drive innovation in healthcare delivery, promote preventive healthcare measures, and build resilient health systems that leave no one behind.

As global leaders gathered to attend the Health Leaders’ Forum in Abu Dhabi,  the G7 Forum in Rome, as well a networking reception held in honour of the Executive Director of the World Food Programme, Cindy McCain, in May, I reaffirmed my commitment to driving sustainable development, fostering entrepreneurship, and building resilient communities. Together, we can harness the power of entrepreneurship, economic empowerment, and private-public partnerships to create a more prosperous, equitable, and sustainable world for all.

By mobilising the potential of renewable energy, investing in clean technology, and fostering cross-sectoral collaboration, we can drive economic transformation, mitigate climate change, and build a more prosperous and resilient future for generations to come. As Africa’s leading financial institution, UBA is spearheading efforts to channel capital and expertise to supporting  the shift to a low-carbon economy, ensuring that Africa remains a key player in the global renewable energy sector.

In conclusion, Africapitalism is not just a philosophy—it’s a call to action, a blueprint for transformative change, and a vision for a prosperous and equitable Africa. As a global leader and advocate for sustainable development, I am committed to driving Africa’s transformational agenda through strategic partnerships, innovative solutions, and inclusive growth. Together, let us build a future where every African has the opportunity to thrive and succeed.

Tony O. Elumelu CFRFounder, Tony Elumelu Foundation; Chairman, UBA Group