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Elumelu calls for private sector integration in development

By BusinessNews Staff on April 13, 2014

The Chairman of Heirs Holdings, Mr. Tony Elumelu, has emphasised the need for the integration of the private sector as a full partner in global development , given the constraints on official development assistance in the current fiscal climate.

Elumelu who made the call as the keynote speaker at the 2014 Forum on Partnerships, themed ‘The Role of Partnerships in the Implementation of the Post-2015 Development Agenda’, also highlighted the critical importance of job creation and power generation for improving the lives of Africans and people all over the world.

He said, “A global agenda that intends to address the livelihoods of people and attack extreme poverty is not set up for success if it does not fully engage the sector of society that controls the most capital, employs the most people, and fosters the most innovation.

“If we help people make something of themselves, by investing in jobs and economic opportunity, and the multiplier effect of access to energy, the beneficiaries will purchase healthcare, they will purchase education for their children and look after their families. They will live longer, live healthier and, above all, they will live in dignity.”

Elumelu also urged the private sector to reconsider what it means to be good corporate citizen, going beyond small corporate donations to good causes in their communities of operation and making a public commitment to adhere to established governance frameworks such as the United Nations Global Compact in order to demonstrate accountability and transparency.

He said businesses should adopt the principles of Africapitalism, with the intent to create and multiply value in the societies in which they source, supply and operate.

“We must be built into our corporate governance, into our operations, into our project development and into our profit calculation across the value chain. No longer must we wait for governments or the courts to compel us to do the right thing,” he said.

He also outlined a potent proposition to drive the post 2015 development agenda, calling for a blended approach which according to him, will include combining the political will, resources, incentivizing and convening power of the governmental sector; the compassion, selflessness and dedication of the non-profit sector; the innovation, expertise and, financial capital of the private sector; and the drive, creativity and entrepreneurial spirit of the people that need the help.

[Punch]

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