Obinna Chima
 |
| Mr. Tony Elumelu |
The Chairman
of Heirs Holdings, Mr. Tony Elumelu and the Executive Secretary of the United
Nations Economic Commission for Africa (UNECA), Carlos Lopes, have argued
that responsible resource-based
industrialisation could influence Africa’s economic growth.
Elumelu and
Lopes made this assertion in an article published in the latest edition of the
Economic Report on Africa (ERA 2013).
According to
them, the idea that abundant natural resources could be the driver for
industrial revolution across the continent was growing. Elumelu and Lopes
expressed believe that such transformation was both imperative and possible.
They however said it required courage, vision and a new mindset from the
continent's business and political leaders to overcome the challenges that
continue to hold back the building of a successful and dynamic industrial base
in the continent.
Elumelu and
Lopes noted that while policy makers in
the continent must ensure they build more enabling business environments, the
private sector must also take the lead in ensuring that Africa’s abundant
natural resources are developed in a way that spreads prosperity throughout the
continent.
The report
also outlined how Africa’s future would be determined by the design and
implementation of policies that should promote commodity-based
industrialisation.
It also
noted that a supportive policy and investment framework would attract long-term
investors, adding that it was essential to build local capacity and develop
skills.
“In this
way, local economies will be able to grow and diversify, jobs will be created
and inequality will be reduced. However, private-sector business leaders must
also do more to tackle poverty and drive social progress by ensuring that
long-term value addition – as well as short-term gain – is built into their
business model,” it added.
Africapitalism,
an economic philosophy developed by Elumelu, promotes a private-sector led
approach to development, and provides a framework for effective collaboration
between the public and private sectors and the development community
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