Africapitalism and Sustainable Development in N igeria: A Focus on Tony Elumelu Foundation

International Journal of Economics and Management Studies

© 2020 by SSRG - IJEMS Journal

Volume 7 Issue 10

Year of Publication : 2020

Authors : EMEH, Ikechukwu Eke; OLISE, Charles Nnamdi; ISAH, Abdulrouf; ATABO, Samuel Ichaba

10.14445/23939125/IJEMS-V7I10P115

How to Cite?

EMEH, Ikechukwu Eke; OLISE, Charles Nnamdi; ISAH, Abdulrouf; ATABO, Samuel Ichaba, "Africapitalism and Sustainable Development in N igeria: A Focus on Tony Elumelu Foundation," SSRG International Journal of Economics and Management Studies, vol. 7,  no. 10, pp. 97-104, 2020. Crossref, https://doi.org/10.14445/23939125/IJEMS-V7I10P115

Abstract:

Despite enormous resources, nature blessed Africa to advance their economic situation; Africa has remained backward but dependent on the world's advanced countries to advance their economic realities. Resultantly, Africans' living standard has remained abysmal as hunger, poverty, diseases, and lack of basic amenities of life have persisted. Scholars have blamed this piteous state of Africans and African economies on world capitalism that allows multinational corporations to operate, maximize profits and repatriate the profits to their home countries thereby depriving Africa of the needed resources to reinvest. This situation has continued undeterred for decades. This is one reason unemployment in Africa and Nigeria has remained on the rise, with its concomitant hunger, poverty, and lack and vulnerability to societal vices. A reversal of this ugly trend is unequivocally what Africa needs now. Therefore, this paper calls for a return to a brand of capitalism that allows Africans to take back their private sector, invest in it, make profits, and reinvest these profits in Africa to develop Africa. This is Tony Elumelu's Africapitalism approach towards achieving sustainable development in Africa and Nigeria in particular. Simultaneously, it is appreciated that this approach is not easy to attain, but the emergence and experience of the Tony Elumelu Foundation have provided the needed clue.

Keywords:

Africapitalism, Capitalism, Development crisis, Sustainable Development, Tony Elumelu Foundation

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