Foundations Identify Path To Investment Growth

The Nigeria-based Tony Elumelu Foundation and South Africa-based Oppenheimer family’s Brenthurst Foundation have outlined the path to the growth of investments in Africa.
The foundations, in a new book launched at the World Economic Forum in Cape Town, South Africa, identified economic, social and political factors that could stimulate investments on the continent.
The book, entitled, ‘Africans investing in Africa’, covers a range of important topics critical to the continent’s development
The 338-page book provides a unique perspective of how Africans are leading the way through intra-African trade and investment; documenting how, where and why the citizens invest across the continent.
According to a statement by the TEF, the book is the outcome of a project conceived in 2011 by the two foundations, and it builds on a paper published by their respective principals, Mr. Tony Elumelu and Mr. Jonathan Oppenheimer.
The statement read in part, “The foundations have established records of scholarship and policy advice on issues impacting Africa’s economic growth and development.
“Together, they conducted in-depth, case study-based research into why many African-owned and/or Africa-based companies were still struggling to succeed across multiple geographies on the continent, despite Africa’s impressive economic growth rates and overall improvements in macro-economic management.”
Elumelu was quoted as saying, “Through my experience as the CEO of the United Bank for Africa, I worked hard to expand UBA from a Nigerian bank to one that now has subsidiaries in 18 additional African countries.
“This experience showed me the commercial benefit of investing across Africa as well as the broader economic and even social impact the private sector can make, which was the origin of the philosophy I call ‘Africapitalism.’”
According to him, the book has 16 different contributors hailing from respected universities and research institutions in Africa, Europe and North America.

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