t Africa on an equal economic footing with the rest of the world,” The African continent is often referred to as the capitalist hub meaning that there are a lot of economic opportunities for entrepreneurs and investors to build successful businesses which helps solve most social challenges such as poverty. Therefore, an appropriate definition of the philosophy would be, “long-term investments that create economic prosperity, as well as social wealth.” With prosperity and wealth also comes improved standard of living, better health care and less social ills.

The progression of Africapitalism

With the implementation of Africapitalism, Nigeria has been able to put their hardship of exploitation by their colonial master in the past. Africapitalism has played a role in alleviating problems such as poverty and poor infrastructure. Present day Nigeria’s economic growth is noticeable. For instance oil companies are able to create petroleum from natural oil, which in the same time has created jobs and a new group of consumers. Influential people such as Mr. Aliko Dangote have put much effort into making sure private investment is changed into social wealth. Mr Dangote is Africa’s largest cement producer and is best known for being the richest African with a net worth of about 12.3 billion USD. He and many other Nigerian entrepreneurs have ensured that the money they amass is injected back into the well being of their communities.

Figure 2: Shows Breakdown of Nigeria’s GDP Pre and Post Africapitalism

Pre Africapitalism (2009)

Source:http://www.economywatch.com/world_economy/nigeria/structure-of-economy.html

Post Africapitalism

Source:https://www.proshareng.com/news/Nigeria-Economy/Nigeria%E2%80%99s-Real-GDP-Records-6.21Percent-Growth-in-Q1-%E2%80%9914–Higher-Than-4.45Percent-in-Q1%E2%80%9813/23719

The above graphs show that the service industry has significantly overtaken the agricultural and industrial sectors over the years. For example, many Nigerian firms such as Heirs Holdings which is owned by Mr Elumelu himself, invest long term in the most promising sectors such as oil, real estate and hospitality with the hope that this will create economic growth. Heirs Holdings also prioritises creating competition between businesses. The Heirs Holdings company is proving the world that Nigeria is leading example in long term investment and promoti