Global Advisory Board discuss forthcoming Africapitalism Index

The Africapitalism Institute, the research and policy arm of the Tony Elumelu Foundation, held its inaugural global advisory board meeting in Abuja to review the Institute’s recent work and to discuss the methodology behind the upcoming groundbreaking Africapitalism Index. The Index is a unique, annual analysis of the way African economies are growing that places emphasis on local value creation and is scheduled for release later this year.

The renowned global thought leaders that make up the Institute’s Global Advisory Board include former Spanish President Jose Maria Aznar; notable economist and proprietor of the economic classification terms “BRIC” and “MINT”, Jim O’Neill; Professor Tandeka Nkiwane, Special Advisor to the CEO of NEPAD; Matthew Bishop, globalization editor of the Economist, and Amir Ben Yahmed, Managing Director of the Jeune Afrique Group.

The Tony Elumelu Foundation and Africapitalism Institute founder, Tony O. Elumelu, C.O.N, commented, “The Africapitalism Institute was launched last year to research, analyse and advocate for public policies and business practices that will unlock opportunities for all Africans. The expertise of our board is exceptional and it is a privilege to discuss Africapitalism with them in order to advance the Institute’s objectives of setting Africa on a more inclusive development path.”

During the board meeting, discussions focused on the principles of Africapitalism, the work of the Africapitalism Institute to date, the Institute’s ongoing strategy and the research that is currently being undertaken for the Index. In addition, the Board held a public panel discussion on “Maximising Local Value Creation”, which looked at the direct economic and social improvements made possible by developing a well-enabled and inclusive business environment. These improvements ultimately in turn further drive private sector growth, creating a virtuous cycle for development, a more diversified economy and greater opportunities for all African citizens.

Dr Jim O’Neill, said, “Africa’s economies are growing but in order to ensure that this growth is sustainable, countries must focus on policy; from property rights to education, governments need to deliver an enabling environment. This year, the Africapitalism Institute will launch its flagship Index, designed to highlight the extent to which governments are successful in this respect”.

The Africapitalism Index will serve as a diagnostic tool to help African economies and their various stakeholders across sectors identify areas of policy or practice promoting and inhibiting the country’s social and economic development. It will be published on an annual basis, tracking the progress of Africa’s nations against key indicators and revealing trends in economic development across the continent.

President Jose Maria Aznar, commented, “It is essential that Africa’s economies are built on a foundation of enabling public policy, value addition, and inclusiveness. To this end, I am delighted to be able to share my experience with the Africapitalism Institute board and look forward to taking part in discussions about the upcoming Africapitalism Index.”

The Index comes at a time when several of Africa’s fastest growing, natural resource-based economies have begun to feel the impact of a global downturn in the price of oil – an abundant commodity in Africa and one for which the vast majority of its value is realized outside the continent. We must learn from this crisis; the African public and private sectors must heed the Africapitalism message to foster the necessary conditions to capture more value within African economies.