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Accelerating Economic Growth in Africa: Elumelu, DFID seek partnership between Africa’s Private Sector

Chairman, Heirs Holdings Limited (HHL), Mr. Tony Elumelu has reiterated the need for increased collaboration between African business leaders with a view to sustaining economic development in Africa.

Elumelu, an African private sector leader, who spoke in London last week at a roundtable discussion organized by the Department for International Development (DFID) at the London Business School, encouraged peer private sector business leaders in the continent to join him as partners in launching sustained, economic investments for Africa by contributing their resources and experiences.

The keynote address of the Heirs Holdings Chairman at the event served as a platform for dialogue between the private sector in Africa and policy makers to continue to discuss ways in which to create partnerships in Africa that eliminate bottlenecks and increase both the economic and social wealth of the continent.

“Only in the context of a genuine private sector partnership can we create enabling environments for investments that will meet Africa’s demands for economic transformation and social impact in a sustainable way”, Elumelu said.

Elumelu who is also Founder of The Tony Elumelu Foundation (TEF), said, “Africa’s investment landscape is changing, there is a growing appetite for long-term investments that catalyse growth in the private sector.”

Speaking at the same event, the UK Secretary of State for International Development Andrew Mitchell, highlighted the pivotal role of the African private sector in economic development. Mitchell emphasised that “Africa is a continent of innovation, enterprise and opportunity“ and urged businesses globally to seize those opportunities offered by African markets: “Well-directed action by people sitting in boardrooms can improve the lives of people in Africa just as much as aid workers and charity campaigners can”.

As a leading spokesperson for the private sector in Africa, Elumelu, was invited by the DFID to share his thoughts in response to the Minister’s speech on Africa as a continent of economic growth and a place of innovation.

The theme and purpose of the evening was clear recognition of the importance of Africa in UK priorities and the ability of the private sector to accelerate socioeconomic development of the continent.

Heirs Holdings has a long-term investment horizon as is evident in its pioneering impact investment in Mtanga Farms, a Tanzanian agriculture business focused on arable and livestock farming.


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