Africapitalism: A Management Idea for Business in Africa?

Abstract

The efforts to rethink the role of business in development, especially in developing countries, have facilitated the emergence of an array of concepts. Africapitalism – i.e. the private sector's commitment to the socio-economic development of Africa – proposed and championed by Mr. Tony O. Elumelu, is the most recent addition. While the idea of Africapitalism enables a creative space for rethinking business-society relationship from a development perspective in Africa, the failure to clarify what underpins the idea and how it differs from similar other western constructs potentially limits both its analytical and practical usefulness. This paper attempts to address this gap in the emerging literature by seeking to initiate a conversation around the set of values that might underpin the concept. It also explores the implications of Africapitalism for management in Africa.

Keywords: Africapitalism; business; development; Africa; social responsibility

JEL Classification: P51, P12, O55