Africa Needs Marshall Plan To Progress — Entrepreneur

Tony Elumelu PixAfrica must do more to tackle the threat of unemployment, which risks derailing the continent’s economic growth, Tony Elumelu, chairman of Heirs Holdings Limited, a pan-African investment company

Mr. Elumelu advocated the launch of a comprehensive, coordinated approach similar to the ‘Marshall Plan’ implemented by the United States in Europe after World War II.

He suggested that this marshall plan be built on the three interdependent ‘pillars’ of development: policy reform and a commitment to the rule of law; investment in infrastructure; and commitment to developing Africa’s manufacturing and processing industries.

Mr. Elumelu said: “Such a plan is needed, because of the continent’s demographic time bomb: 122 million Africans are forecast to enter the labour market by 2020, yet economists expect just 54 million new jobs to be created within the same period.”

Mr. Elumelu’s investment philosophy, Africapitalism, which advocates the public, private and development sectors working together with the objective of creating economic and social wealth, could provide a way to generate the jobs needed to keep Africa’s path to prosperity on track.

Heirs Holdings is a pan-African proprietary investment company driving Africa’s development.

The company has active long-term investors who specialise in building businesses and corporate turnaround.

Its investments are in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare.

Print Friendly

Leave a Comment