Elumelu tasks African leaders on attractive investment policies

Elumelu with Chairperson of Gauteng ANC, South Africa.

 By Gloria Ehiaghe

Chairman, Heirs Holdings, and Founder, Tony Elumelu Foundation, Tony O. Elumelu, has called on African heads of state to develop policies that will attract private sector investment. He made the call while speaking to private sector captains, global investment leaders, and key players in Africa’s development sector at a plenary discussion at the Africa Investment Forum, titled: Championing Investments in Africa – Conversations with the private sector.

Organised by the African Development Bank (AfDB), he event featured robust and interactive conversations on Africa’s investment landscape, with a view to articulating fresh strategies that strengthen the economic framework of the continent, as well as map out a bold blueprint to attract and retain private global capital.

At the plenary session with Elumelu were Edouard Ngirente – Prime Minister of Rwanda; Philemon Yang – Prime Minister of Cameroon; President Sahle-Work Zewde of Ethiopia; and President Macky Sall of Senegal.
This critical conversation came on the heels of the recently held Tony Elumelu Foundation Entrepreneurship Forum – the largest gathering of African entrepreneurs.
Elumelu, in an interactive session with President Nana Akufo-Addo of Ghana, and President Uhuru Kenyatta of Kenya, shared his broad business insight, and tackled the peculiar challenges young Africans face in doing business on the continent.
Speaking on the importance of creating an enabling environment to attract foreign investments, he said: “Beyond signing deals, we need to make sure our deals work. Our leaders need to go back and reform our policies and economic framework.”
He further spoke on the need to attract the global investment community by leaving a visible trail of businesses successes.
On the critical role the Forum in shaping a new African narrative, President, AfDB, Akinwunmi Adesina, said: “no country has developed by aid, but countries develop by the discipline of their investments.”
The Africa Investment Forum is indicative of the culminating efforts and clearer vision of both private and public sector leaders across the continent – depicted through stronger bilateral relationships and a bolder resolve to tackle development impediments.