Tony Elumelu, former managing director, United Bank for Africa, UBA, has advocated for a virile private sector participation in Africa’s development. Speaking at this year’s Oxford Africa Conference held at the Oxford University, UK, Elumelu said established businesses are catalysts for faster development in Africa. He spoke on the topic: “Africapitalism as a Catalyst for Development in Africa” at the Oxford Africa Conference, Oxford University recently. The former banker added that conscious efforts by African business in their operating environments will increase economic and social wealth, and promote development. He introduced an economic philosophy, “Africapitalism”. The philosophy, Elumelu explains, focuses on the private sector’s critical role in driving economic and social development across Africa. “Africapitalism means we cannot leave the business of development up to our governments, donor countries and philanthropic organizations alone,” he said. “We in the African private sector must wake up, recognize and embrace our role in driving the economic growth and the social development of Africa, and we must act on that responsibility in tangible ways”, he stated. The lecture was attended by the institution’s students and Prof. Peter Tufano, the Dean of Oxford University’s Said Business School. Elumelu, who leads Heirs Holdings and Tony Elumelu Foundation.