Africa needs to do more to tackle the growing threat of unemployment, which risks derailing the continent’s continued economic growth.
This is the word from Tony Elumelu, the entrepreneur, philanthropist and chairman of Heirs Holdings, in an article published on Reuters this week.
Elumelu advocates the launch of a comprehensive, coordinated approach similar to the “Marshall Plan” implemented by the US 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, advocates the public, private and development sectors working together with the objective of creating economic and social wealth.
