Chief Executive of The Tony Elumelu Foundation, Ifeyinwa Ugochukwu has highlighted the power the private sector wields in the economic sustainability of the African continent.

Speaking on The Hard Truth on JoyNews, Mr. Ugochukwu said the private sector in Africa is capable of “leading the charge for sustainable and economic development.”

While acknowledging that Africa has chalked some success in terms of entrepreneurship, the CEO stressed that there is more to be done.

“We know that the African Private Sector is stepping up to the plate… but to lead the charge, it means prioritising entrepreneurship, it means with our youth, we must create a job-creating mentality and not a job seeking one. It means long-term investment with capital that is not looking for immediate returns but looking to invest for a generation to come,” she highlighted.

She also dismissed assertions that the private sector will marginalize the role of government should it take charge of the economy.

In her view, the African economy will thrive when its private sector is best positioned.

“It is a partnership because the private sector cannot do it alone but the private sector needs to take the lead because government’s job is not to create job, government’s job is not to generate revenue, government's job is to create security and an environment.

“And once the enabling environment is there, the private sector will do the rest,” she told the host.