According to Mwagiru, Africapitalism embodies the desire for the private sector to contribute to the development of Africa.
“Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone. The private sector must be involved in the business of development. Business organisations as agents of development. It’s a call-to-action for businesses to make decisions that will increase economic and social wealth, and promote development in the communities and nations in which they operate. This will ultimately help businesses become more profitable as the communities they serve become well-off consumers, healthy and better educated employees, and even entrepreneurs who go on to become suppliers and service providers.”
“Africapitalism puts Africa, its culture and its people front and centre of any development in the region. Arguably, it is an inventive way of delivering the best of capitalism in a continent where its effects have previously had little influence on its people.”
She cautions that economic nationalism is at the core of Africapitalism and unashamedly prioritises what is best for Africa.
“The challenge is applying it in a continent of so many nations. It is a laudable entrepreneurial pursuit and mind-set, to create shared value in, and more importantly, for Africa. It is not to be mistaken for philanthro-capitalism, usually applied by global supranational bodies trying to ‘solve the African problem’ from the outside but risking undermining the innovation here on the ground that can potentially be accessed if the relationship between government, business and society can be remade.”
She says that by empowering and enriching the citizens of African nations, the true path to sustainable economic success will be discovered. “Our natural resources and trade with the rest of the world are key to this but through a different lens. Turning inward and becoming protectionist is not the way forward. Better governance, transparency and a stronger rule of law are.”