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Elumelu harps on increased partnership for Africa’s development

By BusinessNews Staff on August 17, 2014

The Chairman of Heirs Holdings, Mr. Tony Elumelu, has stressed the need for strategic partnership between Africa and the United States.

Elumelu spoke at the recently concluded US-Africa leaders summit. The gathering of nearly 50 African heads of states and a handful of top business leaders from both sides allowed senior US and African officials to broker international deals and build a new kind of relationship based on mutual respect and centered on investment, rather than aid.

Ahead of the Summit, Elumelu had declared that for private sector leaders, the goal would be to, “forge ties that turn into enduring partnerships, and will eventually help to transform Africa.”

Elumelu who gave a keynote address at the Corporate Council on Africa’s (CCA) opening plenary, with Tanzanian President Kikwete, also emphasised the role of enduring partnership in Africa’s future development.

Elumelu had added: “The partnerships created here will help increase economic development on the continent and help sustain America ‘s economic recovery— it is the essence of Africapitalism.”

Also, during the official business portion of the summit, Elumelu spoke on a pan-African approach to development as well as the need for regional cooperation on the continent.

“We need the regionalisation of power across Africa, starting with our regional economic groupings. Nigeria should be able to generate power that is used in Ghana. We need to invest across borders,” he added.

The former United Bank for Africa Plc boss also spoke to the Congressional Black Caucus and appealed to American legislators to codify electricity access in US foreign policy on Africa.

“We need the US Congress to pass the Electrify Africa Bill, which will have a significant impact on improving access to electricity across Africa,” he said.

He also commended the World Bank for its commitment to contribute $5 billion to the Power Africa initiative. “Power requires long-term investment and we are very happy that the World Bank is now supporting this programme,” he said.

Elumelu emphasised that Africa was open for business and has a vibrant new crop of private sector leaders who are playing pivotal roles in developing the continent and are ready to engage with the US.
Elumelu also noted that the level to which this summit is successful will be defined not by who attends, but what we can agree to achieve, going forward, together. This summit is only a beginning.”

[This Day]

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