Is it time for long-term investments in Africa for a future worldwide economic booming?

That's the question that was in my mind, during my participation at a special LBS Coller Institute of Private Equity session, and I was honored to listen closely to The Right Honourable Andrew Mitchell, The UK Minister / Secretary of State for International Development.

The Rt. Hon. Mr Andrew Mitchell and I

The Rt. Hon. Mr Andrew Mitchell, spoke in a roundtable discussion, with most important Private Equity players and Venture Capitalists at the London Business School, he emphasized that now “Africa is a continent of innovation, enterprise and opportunity“, and urged businesses globally to seize those opportunities offered by African markets, and highlighted the pivotal role of the African private sector in global economic development, especially in the current context (western economic saturation).

Speaking in the same roundtable, Mr. Tony Elumelu, Chairman of HHL (Heirs Holdings Limited), he encouraged private sector business leaders to join him as partners in launching sustained, economic investments for Africa by contributing their resources and experiences. “Africa’s investment landscape is changing, there is a growing appetite for long-term investments that catalyze growth in the private sector” and “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”, HHL Chairman said. As a leading spokesperson for the private sector in Africa, Mr. Elumelu, was invited by the LBS and DFID to share his thoughts in response to the Minister’s long speech on Africa as a continent of economic growth and a new place of innovation. Finally, the keynote address of the HHL Chairman at the event served as a platform for dialogue between the private sector players 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 the continent.

This Private Equity and Venture Capital roundtable discussion was a clear recognition of the importance of Africa in UK priorities and the ability of the private sector to accelerate socioeconomic development of the continent and then enhance the worldwide economic development.

Brahim ELAZZOUZI (B.Elazzouzi@LSE.ac.uk)