The Ultimate Goal of Africapitalism

0. What is the ultimate goal of Africapitalism? Its primary goal is greater economic prosperity and social wealth, driven by Africa’s private sector — its domestic economies, markets, and businesses. There are three fundamental tenets of Africapitalism:
   1. Wealth Creation: The private sector in Africa — both foreign multi- nationals as well as African business leaders — must break free from the historical tendencies of exploitation and extraction of wealth (i.e., rent- seeking), and instead focus on generating pro!t through wealth creation. The Nigerian oil industry is a case in point — after 50 years of pumping out billions of dollars of crude oil and natural gas, there is no indigenous oil, and Nigeria still imports re!ned petroleum for domestic consumption.
   2. Funding Entrepreneurship: Leveraging private enterprise to solve problems must be a core area of focus not just for investors, but also for NGOs and philanthropists as described in detail in a 2012 report from the Monitor Group: From Blueprint to Scale: The Case for Philanthropy in Impact Investing. Some of Africa’s greatest private sector successes were launched with public and philanthropic funds. This entrepreneurial investment model should be the model for future philanthropy and aid in Africa. It should also be a guide for Africa’s own emerging philanthropists.