Rabiu, BUA Chair Seeks Increasing Private Investment for Africa
The Executive Chairman, BUA Group, Abdul Samad Rabiu, has emphasized the need for more private sector investment to achieve an all-inclusive economic growth in Africa.
This is a strategic priority at a time the inequality gap continues to widen, significant imbalances and environmental risk grow according to Rabiu who highlighted that African private sector has a key role to play in changing the paradigm of doing business right in the continent in order to achieve common-good capitalism.
Rabiu spoke ahead of the eighth edition of the largest international gathering of the African private sector in Abidjan, Côte d’Ivoire scheduled to hold 9th to 10th March 2020 that leaders of Africa’s economy and largest companies have been slow to participate in the topical discussion surrounding “capitalism and the common good”.
He pointed out that the world’s major companies can assiduously tackle issues of growing inequality, the advent of climate risk, technological revolutions and resurgent protectionism, saying these are already posing disruptions to global economic fundamentals.
Rabiu said: “I am convinced that the world’s major companies must – and can – bring about a paradigm shift in doing business right. BUA Group is therefore proud to participate in the Africa CEO Forum’s initiative to create a new movement promoting common-good capitalism.
Speaking further, the BUA chairman explained that the private sector is demonstrating that “doing business” and “doing good” can be one and the same in the continent.
He said: “Growing inequality, the advent of climate risk, technological revolutions and resurgent protectionism: at a time when these four major disruptions are turning the global private sector upside down and pointing to capitalism’s fundamental transformation worldwide, the leaders of Africa’s economy and largest companies have been slow to participate in the topical discussion surrounding “capitalism and the common good”.
Rabiu continued, “Nonetheless, there is another side to the story of African business: on the continent, more than anywhere, the private sector is demonstrating that “doing business” and “doing good” can be one and the same. There, telecom providers are promoting financial inclusion, investors are developing distributed solar energy facilities, and agribusiness is prioritizing on-site supply and processing: such examples of “business for good” are gradually becoming commonplace in Africa.”
However, on this year’s Africa CEO Forum which covered the best approach to take to ensure the success of the African Continental Free Trade Area, the new edition of the largest gathering of the African private sector is set to bring together 1,800 participants around the theme of the role major companies have in society.