Tony Elumelu – “Africa open for business, but not at any cost”

In a recent interview, African entrepreneur, Tony Elumelu spoke about the rules of engagement for business in Africa emphasizing that Africa is open for business but not at any cost. “Africa’s economic history has been characterised by extractive industries and rent seeking practices that have not created development in any meaningful way. Africapitalism is simply saying there is a better and more ethical way to invest in Africa for a sustainable future. I would like to see both African and international investors review their strategies for Africa. Yes, we are open for business but not at any cost. Our rules of engagement have changed,” he said.

Elumelu was one of the high profile African business leaders handpicked by the White House to meet with President Obama on his current three country Africa tour. Elumelu, who is the former Chairman of United Bank for Africa and Chairman of diversified investment group, Heirs Holdings recently invested USD300 million in Nigeria’s largest power plant, located in Ughelli, Delta State during the Nigerian government’s recent power privatization process. More details