Africa Must do More to Tackle the Threat of Unemployment – Tony Elumelu

PRESS RELEASE

A ‘Marshall Plan’ for Africa’s employment challenge

ABUJA, Nigeria, January 6, 2014/ — Tony Elumelu, the entrepreneur, philanthropist and chairman of Heirs Holdings Limited (http://www.heirsholdings.com), a pan-African investment company, argues that Africa must do more to tackle the threat of unemployment, which risks derailing Africa’s economic growth, in an article published on Reuters (http://blogs.reuters.com/great-debate/2014/01/03/a-marshall-plan-for-africas-employment-challenge) this week.

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

Such a plan is needed, Elumelu highlights in the article, 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.

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.

For the full article, please go to: http://blogs.reuters.com/great-debate/2014/01/03/a-marshall-plan-for-africas-employment-challenge/

Distributed by APO (African Press Organization) on behalf of Heirs Holdings.

About Heirs Holdings

Heirs Holdings (http://www.heirsholdings.com) is a pan-African proprietary investment company driving Africa’s development. We are active long-term investors who specialise in building businesses and corporate turnaround. We aim to transform the companies in which we invest and grow them into businesses that last. We invest in Africa to create value for our shareholders and partners, and to create economic prosperity and social wealth for the continent.  Our investments in power, financial services, oil and gas, real estate and hospitality, agri-business and healthcare are helping to build economies, create jobs, drive prosperity and ultimately transform the lives of ordinary Africans in Africa.

SOURCE 

Heirs Holdings