The need for the private sector to engage in business not just for profit but for the common good of the society is key in addressing imbalances in the society as well as to enhance trade growth.
This was the view of stakeholders involved in the Africa CEO Forum and Nigerian manufacturers.
According to them, the world is looking back to new markets in the light of global trade war, even as the era of protectionism is gradually coming to an end, global value chains are being created and competitiveness is being enhanced.
In order to take advantage of opportunities in the continental market created under the African Continental Free Trade Agreement (AfCFTA) deal, there is a need for synergy and openness among African businesses, especially in addressing barriers to trade.
To drive this agenda, BUA Group stressed the need to drive public-private dialogue forward by providing a platform where economic leaders and public-sector representatives can discuss key sectoral challenges, as well as stimulate significant transactions in favour of the regional and pan-African growth of the private sector and the development of the continent in general.
Executive Chairman, BUA Group, Abdulsamad Rabiu, said: “I am convinced that the world’s major companies must – and can – bring about a paradigm shift in doing business right. BUA Group is therefore proud to participate in the Africa CEO Forum’s initiative to create a new movement promoting common-good capitalism. Painting a new horizon for the African private sector is a strategic priority at a time when the inequality gap continues to widen, imbalances remain significant and environmental risk grows.”
Earlier, President and Founder of the Africa CEO Forum as well as the Managing Director of Jeune Afrique media group, Amir Ben Yahmed, said that the forum was committed to unlocking Africa’s economic potential by championing private sector-led growth, advancing discussions around innovative public policies and sustainable business.