Entrepreneurship, gender equality will drive economic diversification in Africa –Elumelu

Chairman of the United Bank for Africa (UBA) Mr Tony Elumelu has cited entrepreneurship and gender equality as two critical areas that need urgent attention to drive inclusive growth and economic diversification in emerging continents like Africa.

He stated this at the Future Investment Initiative Conference in Riyadh, Saudi Arabia to discuss ways to achieve economic diversification in dynamic economies.

The conference was organised by the Public Investment Fund.

Other speakers in the panel included Mary Erdoes, CEO, JPMorgan Asset Management, USA; Oh Joon Kwon, Chairman, POSCO, South Korea; Frédéric Oudéa, CEO, Société Générale, France; Harvey Schwartz, President & Co-COO, Goldman Sachs, USA; and Sultan Ahmed Bin Sulayem, Chairman & CEO, DP World, UAE.

Elumelu, who is also chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation, pointed out the importance of supporting women-run businesses to achieve inclusive growth, stating that these businesses empower a critical population of the economy.

“Female businesses create more benefits for the society,” he said.

Elumelu, who has been championing a new model for entrepreneurship in Africa, tagged Africapitalism, spoke on the role Africapitalism plays in powering the continent out of poverty.

“Africapitalism is the intersection between prosperity and social wealth – doing good while making profit.. It is a realisation that the private sector has a role to play in social and economic diversification. We need to prioritise the young ones and prioritise SMEs if we are to achieve the much spoke about economic diversification,” he said.

Also speaking on the topic, Sultan Ahmed Bin Sulayem identified entrepreneurship as a key driver of today’s economy. “When we encourage entrepreneurship we encourage ideas,” he said.

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