Tony Elumelu Foundation (TEF) has partnered with the Department for International Development (DFID) to promote Africa’s private sector and development of its communities. The partnership was reached at an event at the London Business School.
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 Africa.
The UK Secretary of State for International Development, Andrew Mitchell, emphasized that “Africa is a continent of innovation, enterprise and opportunity “and urged businesses globally to seize those opportunities offered by African markets,” adding that “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, Chairman of Heirs Holdings and Founder of The Tony Elumelu Foundation (TEF), 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 evening followed a DFID roundtable discussion that Elumelu encouraged other African peer private sector business leaders to join him as partners in launching sustained, economic investment for Africa by contributing their resources and experiences.
"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.
“Africa’s investment landscape is changing, there is a growing appetite for long-term investments that catalyses growth in the private sector,” he added.
Africa is improving her economic competitiveness. Governments are creating enabling environments for the private sector to function optimally resulting in impressive business models.
Over time, a partnership between African entrepreneurs and institutional investors like DFID can create enormous potential that have an economic development impact, as well as long-term view in sectors such as agriculture, infrastructure, health care, education. For example, DFID’s investment in the innovative M-PESA mobile money transfer programme, helped transformed Kenya’s economy by creating over 7,000 enterprises and 12,000 jobs.
TEF’s recently implemented African Markets Internship Programme (AMIP), bringing together teams of MBA students from U.S., Europe and African business schools with fast growing African businesses, is a concrete example of its innovative approach, shining a spotlight on Africa’s vibrant entrepreneurial sector.
After 26 years in the financial services industry, Elumelu is recognised as a champion for economic and social transformation with his growing influence in the private sector in Africa. In 2005, he merged Standard Trust Bank Plc with United Bank for Africa Plc and transformed it from a single country banking institution into a pan-African financial services group now serving seven million customers throughout Africa.
Heirs Holdings and TEF are Africa-based and African-funded independent bodies by Elumelu through which he continues to advance and demonstrate his belief in impact investing across Africa as a way of achieving economic transformation through investments that generate economic and social wealth.
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 Africa.
The UK Secretary of State for International Development, Andrew Mitchell, emphasized that “Africa is a continent of innovation, enterprise and opportunity “and urged businesses globally to seize those opportunities offered by African markets,” adding that “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, Chairman of Heirs Holdings and Founder of The Tony Elumelu Foundation (TEF), 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 evening followed a DFID roundtable discussion that Elumelu encouraged other African peer private sector business leaders to join him as partners in launching sustained, economic investment for Africa by contributing their resources and experiences.
"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.
“Africa’s investment landscape is changing, there is a growing appetite for long-term investments that catalyses growth in the private sector,” he added.
Africa is improving her economic competitiveness. Governments are creating enabling environments for the private sector to function optimally resulting in impressive business models.
Over time, a partnership between African entrepreneurs and institutional investors like DFID can create enormous potential that have an economic development impact, as well as long-term view in sectors such as agriculture, infrastructure, health care, education. For example, DFID’s investment in the innovative M-PESA mobile money transfer programme, helped transformed Kenya’s economy by creating over 7,000 enterprises and 12,000 jobs.
TEF’s recently implemented African Markets Internship Programme (AMIP), bringing together teams of MBA students from U.S., Europe and African business schools with fast growing African businesses, is a concrete example of its innovative approach, shining a spotlight on Africa’s vibrant entrepreneurial sector.
After 26 years in the financial services industry, Elumelu is recognised as a champion for economic and social transformation with his growing influence in the private sector in Africa. In 2005, he merged Standard Trust Bank Plc with United Bank for Africa Plc and transformed it from a single country banking institution into a pan-African financial services group now serving seven million customers throughout Africa.
Heirs Holdings and TEF are Africa-based and African-funded independent bodies by Elumelu through which he continues to advance and demonstrate his belief in impact investing across Africa as a way of achieving economic transformation through investments that generate economic and social wealth.
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