The private sector

The private sector response to NEPAD is encouraging. There are now NEPAD private sector initiatives in a number of African countries and internationally. The NEPAD Business Group was launched in 2002 under the leadership of the African Business Roundtable. South Africa, Nigeria and Kenya as well as other African countries have NEPAD Business chapters. Internationally, the World Economic Forum, the Commonwealth Business Council, the United States of America Corporate Council on Africa and the Canadian Corporate Council hold annual NEPAD events and are involved in promoting investment in Africa by their members.

Private sector investment in mining has increased significantly in the last few years. In addition to oil exploration Africa is witnessing an increased interest in other minerals as well. Both multinational and junior mining companies are back in Africa in large numbers, with active explorations in a number of countries, including Botswana, the DRC, Tanzania and Mali. Associated with these developments are accelerated policy and regulatory reforms and improved collaboration by African Ministers of Mining. They have established a forum whose primary objective is to promote harmonization of policies, increased investment and enhancement of the skills that are required for accelerated development of the sector.

African countries must continue to create conducive conditions for business development and growth of foreign direct investment.