NewsExpress advert FCMB banner
5 African Presidents, continent’s top business leaders call for increased private-sector participation in Africa’s development

By News Express on 25/07/2013

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 5,116

BRAZZAVILLE, Republic of the Congo, July 25, 2013/African Press Organization (APO)/ – At the second annual Forbes Afrique Economic summit, Presidents Denis Sassou N’Guesso of Congo, Macky Sall of Senegal, John Mahama of Ghana, Blaise Compaoré of Burkina Faso and Jacob Zuma of South Africa all highlighted the importance of private-sector participation in Africa’s development.

The summit, which focused on infrastructure and the emergence of an African middle class, was attended by global leaders from the private, public and philanthropic sectors including former UN Secretary General Kofi Annan, former prime minister of Belgium Guy Verhofstadt, former US Ambassador and Atlanta mayor Andrew Young, President of the leading opposition party in France, the UMP’s Jean-Francois Copé, as well as African business leaders Tony Elumelu, Patrice Motsepe and Louis Ebata.

The tone was set by President Denis Sassou N’Guesso, who highlighted the need for African countries to create more policies to support what he called ‘a powerful emergence of Africa’s middle class’ who would create a better future for Africa. Macky Sall, President of Senegal, expanded on the four critical pillars that would drive this ‘better future’, citing education and training of human capital, modernised and mechanized agriculture, affordable energy and an adequate network of infrastructure as key drivers.

Advocating for increased private-sector participation in driving the development agenda, President John Dramani Mahama of Ghana warned against an overreliance on government when he said, “Government cannot leverage the sort of finance that is needed to create enough power in Africa.”

In his speech, President Campaoré of Burkina Faso acknowledged business leader and philanthropist Tony Elumelu, the Chairman of pan-African proprietary investment company Heirs Holdings for his efforts to drive Africa’s development by investing across the continent.

During the panel session on “Supporting growth through investment”, which featured the two most high-profile private-sector leaders in attendance, Elumelu and South African billionaire Patrice Motsepe, Chairman of African Rainbow Minerals, Elumelu commended the five African leaders for their strong belief in the power of the private sector as a catalyst and driver of development – the essence of his Africapitalist philosophy which other leaders, including President Obama, appear to have embraced.

Elumelu outlined the terms under which the private sector’s involvement would yield the greatest impact, highlighting long-term investments and infrastructure development as key focus areas.”Short-term investments in Africa simply don’t make an impact. It took close to two decades to get United Bank for Africa to where it is today – employing 25,000 people in 19 African countries. African leaders need to ensure the right physical and policy infrastructure is in place to support the growth of more successful pan-African businesses,” said Elumelu.

Capital such as the USD40 trillion dollars ex-US Ambassador Andrew Young called ‘scared money’, currently sitting in tax havens around the world and which could be put to better use in developing Africa.

Kofi Annan described Africa as a continent going through “momentous times”, highlighting ‘energy’ and ‘infrastructure’ as the two biggest impediments to development. He listed the three pillars of peace and security, economic development, and the rule of law and respect for human rights, as the solution for Africa’s economic success.

•Photo shows Tony Elumelu, one of the African business leaders at the summit.

Source News Express

Posted 26/07/2013 01:10:01 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
400 Boko Haram fighters meet waterloo in Adamawa...

Online Publisher raises the alarm over alleged DSS...

ECOWAS Court dismisses suit against FG over alleged...

Obiano suspends unlicensed mining of solid minerals in...

Man who lost 36 elections runs again

Quit Notice: Igbo Professor rubbishes Prof. Ango Abdullahi,...

FG hails Ugwuanyi

Peterside hails Magnus Abe on Senate Committee appointment,...

UNIZIK VC battle: Why we dumped Nwakoby for...

Easter: Saraki urges prayers for peace, economic growth...

INEC staff arraigned for N138m bribe

We’ll bomb Nigeria, divide Nigeria, kill govt. officials...


Latest News Buhari cancels foreign trip at the last minute Another African President throws in the towel Benue killings: I can’t sleep for more than 20 minutes at night — Governor Ortom Obiano sworn-in for second term in office, pledges more remarkable achievements Kebbi marries off 100 widows, divorcees in mass wedding Okorocha not ready to rebuild Akokwa Market — Izuogu North East: 3.8m benefit from WHO free healthcare Russia expels 23 UK diplomats as spy poisoning row worsens How weak public procurement breeds corruption China conducts largest military exercise as troops train to challenge U.S. overseas Senator Wakili dies after brief illness MAPR policy will bridge metering gap in Nigeria — Engr. Balogun


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (331,932 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (324,520 views) Shameless Genevieve Nnaji exposes breasts in public (260,150 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (213,940 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (197,730 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,054 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,357 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,142 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (142,914 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (132,835 views) Lagos plane crash: Journalist releases victims’ names (132,331 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,624 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,968) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (206) Entertainment (455) Features (552) Global Business Monitor (237) International (1,854) Interview (146) Live Commentary (28) Love Matters (114) News (33,673) Opinion (895) Pidgin (10) Politics (4,618) Religion (700) Sports (1,456) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera