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| Tony Elumelu |
Tony Elumelu, Nigerian entrepreneur and one of
Africa's most successful businessmen featured on African Voices, CNN’s International
weekly half-hour programme. In the interview, with CNN’s Jill Dougherty,
Elumelu talked about Africapitalism.
It's the term created by, to describe what he
believes holds the key to the continent's future well-being. According to Elumelu,
Africapitalism is the economic philosophy "that the African private sector
has the power to transform the continent through long-term investments,
creating both economic prosperity and social wealth."
Elumelu champions the idea that long-term focus on
key sectors such as infrastructure and power does not only offer high returns
but, in the process, can also help Africa deal with pressing problems such as
unemployment and food security.
"The information people have about Africa in
America and the western world is one of aid, one of squalor, one of poverty,
one of religious crisis," says Elumelu, who first found success after
turning a struggling Nigerian bank into a global financial institution.
"They need to begin to see that Africa is a continent of economic
opportunities -- a lot of potential and the returns on investment in Africa is
huge."
lumelu
also talked about his intentions to transform electricity shortage in Africa,
empower young entrepreneurs, and his goals for the future. He also explained why his company Hiers Holding pledged $2.5 billion
to President Barack Obama's Power Africa Initiative - a campaign aimed at doubling the access to electricity in
sub-Saharan Africa. Below is an excerpt of the interview.