Economic war: Building new African nation using power of private sectors by Kelvin Ogbonna

Monday, August 24, 2020 at 7:19 PM by Jerrywright Ukwu

Editor's note: Mr Kelvin Ogbonna writes on how the private sector can help countries in the African continent boost prosperity,v and enable their citizens to thrive in economic prosperity and facilitate greater access to markets for citizens and businesses through economic integration.

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The governments have tried their best but failed and now, it is time for Africans to ignore the governments and build a new nation through the power of private sectors.

Africa is where it is today because the governments have been the ones making all the economic decisions which have not brought any economic growth for years.

Private sectors which contribute 80% of the continent's Economic growth has the power to transform societies, boost prosperity, and enable citizens to thrive. This economic growth benefits the poorest members of society, accompanied by more and better jobs, which is one of the main routes out of poverty.

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Economic war: Building new African nation using power of private sectors by Kelvin Ogbonna — Ogbonna believes the private sector can help countries in the African continent succeed economically. Photo credit: Black Wall Street media
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The Black Wall (BWS) Street through its Economic War has been at the forefront in helping Africa transform its economy and create productive jobs by supporting investments to build essential infrastructure, helping workers develop skills, and facilitating greater access to markets for citizens and businesses through economic integration.

The economic war, which is led by Charles N Lambert, the chairman of the Black Wall Street, is to bring together private sectors, African multilateral institutions to identify opportunities and address constraints for changing the investment landscape in Africa.

Lambert believes that all private sectors need to collaborate in connecting African businesses to better market opportunities, creating vibrant and competitive value chains, including production, processing, and distribution, which are key pathways to creating jobs and improving GDP.

Building a new nation using the power of private sectors is targeted at diverting the over $203 billion on capital flight to Africa, retaining this money in Africa, making Africans buy African products, supporting African Businesses! And only private sectors can do this.

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The Black Wall Street with the entire private sectors who are willing to partner is committed to working in Africa to help ensure that the continent has the ability to build private investment, create quality jobs, and realize better development outcomes for people where they live.

Africa is home to the world’s youngest population and is ready for an economic transformation that could change the trajectory of the continent into a new nation. A rapid transition to an economy run by private sectors can boost productivity, delivering jobs.

Hence, the BWS is offering Africa its very first economic ideology which it has tagged the "Ubuntu Spirit" aka Compassionate Capitalism.

This ideology according to Lambert, who made the big announcement, is a massive opportunity for those who believe in Africa and have been in the management level operations but couldn't just ever make it to that prestigious Chief Executive Officer (CEO) level either because the opportunities didn't come up, or racism or sexism or prejudice stopped you from hitting that high-level corporate ceiling.