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Elumelu Foundation inaugurates Africapitalism Institute

By BusinessNews Staff on May 17, 2014

The Chairman of Heirs Holdings and founder of The Tony Elumelu Foundation, Mr. Tony Elumelu, has inaugurated the Africapitalism Institute at the World Economic Forum in Abuja.

According to a statement by the foundation, Africapitalism is the philosophy that enjoins the private sector to be committed to making long-term investments across Africa that could generate both economic prosperity and social wealth.

“The Africapitalism Institute is the first pan-African think tank headquartered in Africa, and founded and funded by Africans. The work of the institute will codify the philosophy of Africapitalism across Africa and the world. As a fully African funded and led think tank, the institute will focus on academically rigorous, practically applicable research and multi-stakeholder engagement to advocate public policies and business practices that will unlock opportunities for all Africans,” the statement read.

It added that during the inauguration, the Director of the institute, David Rice, presented an example of the institute’s preliminary research demonstrating that “not all growth is created equal.”

According to the foundation, the initial research emphasises the difference between a county’s rate of economic growth and the amount of growth from local value creation and multiplication.

“It also briefly explains some of the indicators that feed into its “Theory of Change” as a catalyst to drive Africapitalist investments across Africa,” it added.

[Punch]

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