THE stunted growth of African business and how to address the issue were again on the table for examination yesterday as private sector chiefs, academics and others brainstormed on the matter in Lagos yesterday.The occasion was a retreat for members of African Business Roundtable (ABR) where various solutions were proffered for continental development.Among those who spoke were the President of ABR (Africa), Dr. Bamanga Tukur; Executive Vice-President Goodie Ibru and an economist,Prof. DanielOmoweh.Tukur, represented by former Minister of Industry, Nike Akande, described the West Africa Regional Chapter of ABR as vibrant and one of the main pillars of support for the entire ABR structure, adding that it was imperative for it to be built on very solid foundation from which the system could be nurtured and sustained.Tukur commended Ibru and other members of the Board for their commitment to the ABR project and providing the much needed leadership to steer the chapter to the enviable position it occupies today.He said: 'I know the numerous challenges and odds against the smooth running of the organisation, but your persistence has ensured the organisation's relevance and predominance as a foremost private sector body in the sub-region is not diminished.'For businesses in developing countries to successfully partner with their counterparts in developed regions, there is need to build strong institutions, Ibru said.With strong institutions, the challenges of leveraging official and private sector resources for development will be effectively tackled, he stressed.Ibru emphasised the need to work together and ensure full resuscitation of the group, reactivate the committee system and promote its various activities and programmes.He told members that the retreat came at a very auspicious time as it gave the business community a chance to work together to make theRegional Chapter to deliver effectively on its mandate.According to Ibru, who is also the chairman of New Partnershipfor African Development (NEPAD) Business Group, there is need to develop the framework to address the issue of investment in West Africa and issues relating to regional integration and their impact on businesses on the continent.He said: 'Weare all aware of the challenges facing the global system, which holds great significance for developing countries and emerging market economies.'The global financial crisis is on a slow and shaky recovery, the currency crisis in the euro zone and the debt crisis in the United States of America (USA) are some of the economic challenges facing the globe,' he said.Omoweh said theinability of the African private sector to lead the continent's development after five decades of political independence, was posing challenges to policy makers and scholars who are concerned with overcoming table of underdevelopment on the continent.Created by the European colonial power, African private enterprises and business groups, according to Omoweh, were not only an appendage of the public sector, but the state.
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