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Elumelu advovates for Marshall Plan

06 January 2014, 18:08

Lagos - One of the continent’s prominent entrepreneurs urged African governments and stakeholders to tackle the threat of unemployment, which he said risked derailing the continent’s economic growth.

Tony Elumelu, Chairman of Heirs Holdings Limited, a pan-African investment company, advocated for the launch of a comprehensive, coordinated approach similar to the ‘Marshall Plan’ implemented by the United States in Europe after World War II.

He suggested such a plan be built on the three interdependent pillars of development, namely, policy reform and a commitment to the rule of law; investment in infrastructure and commitment to developing Africa’s manufacturing and processing industries.

Elumelu pointed out that 122 million Africans are forecast to enter the labour market by 2020, yet economists expect 54 million new jobs to be created within the same period.

His company is a pan-African proprietary investment firm driving the continent’s development.

It is active long-term investor which specialises in building businesses and corporate turnaround and aims to transform the companies in which it invest and grow them into businesses that last.

-  CAJ News


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