Tony O. Elumelu and Jonathan Oppenheimer two of the continent’s foremost philanthropists and business leaders, have announced that they are collaborating to develop in-depth case studies to show how African companies investing in Africa could propel the continent to greater economic prosperity.

“Oppenheimer’s South African-based Brenthurst Foundation and The Tony Elumelu Foundation, which is based in Nigeria, believe the case studies will guide policy makers and business leaders toward a better understanding of the profound changes underway in Africa’s business environment,” said The Tony Elumelu Foundation in a statement released in Lagos, Nigeria.

Reflecting on the significance of the collaboration and case studies, Elumelu noted: “Africans must explore ways to move beyond regional differences to build Africa together from within. It is high time that Africans at all levels become the primary beneficiaries of the continent’s growth.”

As for his part, Oppenheimer said: “We believe that Africa’s ability to engage in Intra-African business will be one of the key determinants of its future social and economic development.”

There is frustration that Africans are not reaping the rewards of the current global investor confidence in the continent and developing home-grown investments, focused on value-adding industries. The case studies will help throw light on opportunities, challenges and solutions to grow the phenomenon, according to the statement.

“Ultimately, the case study series should create debate and provide some direction on how governments and entrepreneurs can open the way for more trade and investment by Africans into Africa,” said The Tony Elumelu Foundation, adding:

“The case studies will look at successful examples where Intra-Africa trade is already happening: Kenya’s ICT companies investing in Rwanda, Nigerian banks like United Bank for Africa (UBA) rapidly expanding into other African countries and in telecoms, the South African-based MTN now operating in 21 countries across Africa.”

•Photo: Tony Elumelu.

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