Business
The age of aid is ending – it is now time for the private sector to lead
In Tanzania I shook hands with an Africapitalist, who also happened to be the most powerful man in the world. It was a hugely significant event for me, a life-long African investor, and I believe Obama’s visit was a significant event for Africa. It will refocus the world’s attention on investment in Africa. It is already changing perceptions and mobilizing international investors. It will even change the view of many African investors, who will realize that we must lead the way. Because if we come forward and show confidence in our continent by directing our savings into long-term investments in Africa, others will follow. This is one of the pillars of Africapitalism: Africans for Africa.
Obama’s visit was a milestone, one long hoped for, and one with lasting impact. It confirms that the age of aid is ending. It is now time for the private sector to lead.
Tony Elumelu is founder of The Tony Elumelu Foundation and chairman of Nigeria-based Heirs Holdings Limited
Source: How We Made it In Africa
