{"id":1262,"date":"2015-09-09T12:00:30","date_gmt":"2015-09-09T11:00:30","guid":{"rendered":"https:\/\/blog.iese.edu\/africa\/?p=1262"},"modified":"2016-10-27T15:09:43","modified_gmt":"2016-10-27T14:09:43","slug":"africapitalism-capitalism-with-african-values","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/africa\/2015\/09\/09\/africapitalism-capitalism-with-african-values\/","title":{"rendered":"Africapitalism: Capitalism with African Values"},"content":{"rendered":"<blockquote><p><strong>Africapitalism is not a play on words: it\u2019s an economic philosophy developed by <a href=\"http:\/\/www.forbes.com\/profile\/tony-elumelu\/\" target=\"_blank\">Tony Elumelu<\/a>, a Nigerian visionary entrepreneur and philanthropist.<\/strong> His philosophy represents\u00a0the private sector\u2019s commitment to the economic transformation of Africa through <a href=\"https:\/\/blog.iese.edu\/africa\/2014\/09\/03\/thinking-long-term-in-africa\/\" target=\"_blank\">long-term investment<\/a>\u00a0that generates both economic prosperity and social value.<\/p>\n<figure id=\"attachment_1263\" aria-describedby=\"caption-attachment-1263\" style=\"width: 300px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/blog.iese.edu\/africa\/files\/2015\/09\/2014-03-24-16.38.48.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1263 size-medium\" src=\"https:\/\/blog.iese.edu\/africa\/files\/2015\/09\/2014-03-24-16.38.48-300x225.jpg\" alt=\"Africapitalism: Capitalism embedded in African values\" width=\"300\" height=\"225\" srcset=\"https:\/\/blog.iese.edu\/africa\/files\/2015\/09\/2014-03-24-16.38.48-300x225.jpg 300w, https:\/\/blog.iese.edu\/africa\/files\/2015\/09\/2014-03-24-16.38.48-1024x768.jpg 1024w, https:\/\/blog.iese.edu\/africa\/files\/2015\/09\/2014-03-24-16.38.48-500x375.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-1263\" class=\"wp-caption-text\">Africapitalism: Capitalism embedded in African values<\/figcaption><\/figure>\n<p>The <a href=\"http:\/\/tonyelumelufoundation.org\/\" target=\"_blank\">Tony Elumelu Foundation<\/a> promotes this philosophy through the <a href=\"http:\/\/tonyelumelufoundation.org\/africapitalisminstitute\/about-us\/\" target=\"_blank\">Africapitalism Institute<\/a>, one of its arms. <strong>These are the principles of Africapitalism:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/blog.iese.edu\/africa\/2015\/01\/14\/a-new-era-of-indigenous-entrepreneurship\/\" target=\"_blank\">Entrepreneurship<\/a>: <\/strong>Check out the Tony Elumelu Foundation\u2019s impressive program to provide seed capital to 1,000 African entrepreneurs!<\/li>\n<\/ul>\n<ul>\n<li><strong>Long-term Investments: <\/strong><a href=\"https:\/\/blog.iese.edu\/africa\/2014\/04\/09\/oil-scarcity-in-an-oil-rich-country\/\" target=\"_blank\">Extraction industries<\/a> are not enough for the healthy development of the continent.<\/li>\n<\/ul>\n<ul>\n<li><strong>Strategic sectors:<\/strong> Investments in sectors like <a href=\"https:\/\/blog.iese.edu\/africa\/2014\/04\/30\/agriculture-in-kenya\/\" target=\"_blank\">agriculture<\/a>, <a href=\"https:\/\/blog.iese.edu\/africa\/2015\/04\/01\/access-to-electricity-in-africa\/\" target=\"_blank\">power<\/a>, <a href=\"https:\/\/blog.iese.edu\/africa\/2014\/05\/14\/health-care-in-africa\/\" target=\"_blank\">healthcare<\/a>, and <a href=\"https:\/\/blog.iese.edu\/africa\/2014\/04\/02\/pan-african-banks\/\" target=\"_blank\">finance <\/a>can deliver broad economic and social value in addition to financial results.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/blog.iese.edu\/africa\/2014\/02\/26\/africans-communal-mentality\/\" target=\"_blank\">Development dividend<\/a>: <\/strong>The way business activity is carried out needs to provide economic and social benefits to stakeholders, not just\u00a0financial returns to shareholders.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/blog.iese.edu\/africa\/2014\/07\/09\/cooperating-with-suppliers\/\" target=\"_blank\">Value-added growth<\/a>:<\/strong> Local value can be created through longer, more integrated, and higher value regional supply chains.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/blog.iese.edu\/africa\/2014\/11\/19\/global-connectedness-index-of-african-countries\/\" target=\"_blank\">Regional connectivity<\/a>:<\/strong> The development of national and cross-border <a href=\"https:\/\/blog.iese.edu\/africa\/2015\/05\/07\/transport-infrastructure-boosts-business\/\" target=\"_blank\">physical infrastructure<\/a>, and the harmonization of policies and practices will facilitate <a href=\"https:\/\/blog.iese.edu\/africa\/2014\/07\/02\/intra-african-trade-and-transportation\/\" target=\"_blank\">intra-African commerce and trade.<\/a><\/li>\n<\/ul>\n<ul>\n<li><strong>Multi-generational development:<\/strong>\u00a0The creation of value needs to consider future generations &#8212; this is inter-generational solidarity!<\/li>\n<\/ul>\n<ul>\n<li><strong>Shared purpose<\/strong>. Creating conditions that will empower the African private sector to thrive involves actors ranging from business to governments and civil society.<\/li>\n<\/ul>\n<p>These principles reflect African values \u2013 even if these values are not exclusively African. In an <a href=\"http:\/\/tonyelumelufoundation.org\/africapitalisminstitute\/unpacking-africapitalism-index\/\" target=\"_blank\">interview <\/a>with <em>CNBC Africa<\/em>, Institute\u2019s Director David Rice talks about how <strong>the Institute wants to change the narrative on Africa from the story that 6 out of 10 of the fastest growing economies are in Africa, to how those economies are growing<\/strong>. \u00a0<strong>Is it inclusive and sustainable growth? <a href=\"https:\/\/blog.iese.edu\/africa\/2015\/01\/07\/job-creation-an-engaging-business-purpose\/\" target=\"_blank\">Are enough jobs being created?<\/a><\/strong> It\u2019s about time for Western companies to reflect on why we\u2019ve faced the deep crisis we\u2019re beginning to overcome. The principles of Africapitalism give us food for thought, don\u2019t you think? Could the narrative on Western capitalism also change?<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Africapitalism is not a play on words: it\u2019s an economic philosophy developed by Tony Elumelu, a Nigerian visionary entrepreneur and philanthropist. His philosophy represents\u00a0the private sector\u2019s commitment to the economic transformation of Africa through long-term investment\u00a0that generates both economic prosperity and social value. The Tony Elumelu Foundation promotes this philosophy through the Africapitalism Institute, one [&hellip;]<\/p>\n","protected":false},"author":1654,"featured_media":1263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[247],"tags":[25866,100395,45555,89737,121,100392,100393,157,918,80747,100394],"class_list":["post-1262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy","tag-capitalism","tag-cnbc-africa","tag-connectivity","tag-development","tag-economic-growth","tag-economic-philosophy","tag-elumelu","tag-entrepreneurship","tag-investment","tag-management-style","tag-shared-purpose","megacategoria-mc-africa","megacategoria-mc-entrepreneurship"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/posts\/1262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/users\/1654"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/comments?post=1262"}],"version-history":[{"count":6,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/posts\/1262\/revisions"}],"predecessor-version":[{"id":1271,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/posts\/1262\/revisions\/1271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/media\/1263"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/media?parent=1262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/categories?post=1262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.iese.edu\/africa\/wp-json\/wp\/v2\/tags?post=1262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}