Honouring black industrialists: Transforming Africa's economy

FOR countless years, black excellence has been stifled, with many achievements often overlooked. Historically, the African continent has been portrayed as a place of despair, suffering, hunger, and corruption.

However, recent years have witnessed the rise of black industrialists who are transforming industries and revolutionising their respective fields. Despite their significant contributions, they do not receive the recognition they deserve.

As a young black man residing in Africa, I find inspiration in their accomplishments, especially considering the challenges they faced. Some have built empires from scratch, while others have taken family businesses to new heights. I wish to honour them here.

Black industrialists have been instrumental in shaping economies, driving innovation, and creating opportunities for communities that have historically faced systemic barriers.

Unfortunately, their contributions are frequently overlooked in mainstream narratives. Celebrating black industrialists goes beyond acknowledging their success; it is about recognising their impact on economic empowerment, job creation, and generational wealth within black communities.

These industrialists are leading the charge in economic transformation. By launching and expanding businesses across various sectors, they generate jobs, enhance local economies, and contribute to national GDPs. Figures such as Aliko Dangote in Nigeria, Patrice Motsepe in South Africa, and Mo Ibrahim in Sudan have built multi-billion-dollar enterprises that employ thousands and stimulate economic growth across the continent and beyond.

When black entrepreneurs and industrialists thrive, they break the cycle of poverty by providing jobs and business opportunities to others. Their companies often reinvest in their communities, supporting education, healthcare, and infrastructure projects that elevate living standards.

Industries led by black industrialists offer essential employment in sectors like manufacturing, agriculture, energy, and technology. These jobs not only provide income for families but also foster skills development and career advancement for workers. When black industrialists establish factories, tech hubs, and supply chain networks, they contribute to a more self-sufficient and prosperous economy.

Furthermore, by emphasising diversity and inclusion in hiring practices, these leaders tackle racial and economic disparities, ensuring marginalised communities gain access to stable employment and career growth.

These industrialists are also driving innovation across various fields, from sustainable energy solutions to digital technology and manufacturing. Many are at the forefront of industrial advancements, discovering new ways to enhance efficiency, reduce costs, and adopt environmentally friendly practices.

For instance, in the renewable energy sector, companies headed by black industrialists are pioneering solar and wind energy solutions to tackle Africa’s power shortages. In the tech industry, black entrepreneurs are creating fintech platforms, mobile banking solutions, and e-commerce services that are reshaping business operations across the continent.

One of the most crucial reasons to celebrate black industrialists is their contribution to generational wealth. Unlike traditional jobs, industrial entrepreneurship allows wealth to be passed down through generations. Many black industrialists establish family businesses, mentorship programs, and investment funds to secure the economic future of upcoming generations.

Generational wealth helps bridge the racial wealth gap and provides younger generations with the financial resources and opportunities needed for higher education, business ventures, or community investments. By honouring black industrialists, we motivate more young people to enter the business and industrial arenas, fostering a culture of entrepreneurship and long-term economic stability.

Historically, black entrepreneurs have contended with discrimination, limited access to capital, and systemic barriers to industrial success. By showcasing the achievements of black industrialists, we challenge outdated stereotypes and demonstrate that success in industry and large-scale business is not confined by race.

When young black individuals witness people who resemble them succeeding in industry, it inspires them to dream bigger and strive for excellence. Role models in industrial entrepreneurship provide a roadmap for success and illustrate that overcoming adversity to build thriving businesses is achievable.

Many black industrialists extend beyond business success to invest in their communities through philanthropy. They fund scholarships, build schools, support healthcare initiatives, and contribute to disaster relief efforts, playing a vital role in societal development.

For example, African billionaires like Tony Elumelu have established foundations aimed at empowering young entrepreneurs through mentorship and funding. This type of societal reinvestment creates a cycle of opportunity that lifts more individuals out of poverty and ensures sustainable development.

Despite their accomplishments, black industrialists often face unique challenges, such as limited access to capital, systemic discrimination, and political instability in certain regions.

Financial institutions and investors must do more to support black-owned businesses with the funding and resources necessary for success. Additionally, governments should implement policies that encourage industrial entrepreneurship and safeguard businesses from unfair market practices.

Celebrating black industrialists involves recognising their roles in transforming economies, job creation, and community empowerment. By amplifying their successes, we not only honour their contributions but also encourage the next generation of black entrepreneurs to pursue industrial achievements.

Black industrialists have substantially impacted Africa's economic growth through their leadership in various industries. Here is a list of some notable black industrialists in Africa:

• Aliko Dangote (Nigeria) - Founder and President of Dangote Group, a conglomerate involved in cement production, sugar refining, and flour milling.
• Mike Adenuga (Nigeria) - Founder of Globacom, a leading telecommunications company, and owner of significant stakes in the oil exploration firm Conoil.
• Abdulsamad Rabiu (Nigeria) - Founder of BUA Group, a conglomerate active in cement production, sugar refining, and real estate.
• Patrice Motsepe (South Africa) - Founder and Chairman of African Rainbow Minerals, with interests in mining and minerals.
• Strive Masiyiwa (Zimbabwe) - Founder and Executive Chairman of Econet Group, a telecommunications and technology company operating across Africa.
• Mohammed Dewji (Tanzania) - CEO of METL Group, a conglomerate involved in textiles, agriculture, and real estate.
• Phutuma Nhleko (South Africa) - Former CEO of MTN Group, a multinational telecommunications company, and founder of Pembani Group, focusing on investments in energy and resources.
• Bridgette Radebe (South Africa) - Founder of Mmakau Mining, with operations in platinum, coal, and gold mining.
• Tony Elumelu (Nigeria) - Founder of Heirs Holdings, with investments in financial services, energy, and healthcare; also known for the Tony Elumelu Foundation that supports entrepreneurship.
• Herman Chinery-Hesse (Ghana) - Founder of theSOFTtribe, a pioneering software company and advocate for technology-driven solutions in Africa.
• Olugbenga Agboola (Nigeria) - Co-founder and CEO of Flutterwave, a fintech company facilitating digital payments across Africa.
• Adebayo Ogunlesi (Nigeria) - Chairman and Managing Partner of Global Infrastructure Partners, with investments in infrastructure assets worldwide.
• Wale Tinubu (Nigeria) - Group CEO of Oando PLC, an energy company involved in oil and gas exploration, production, and marketing.
• Aigboje Aig-Imoukhuede (Nigeria) - Chairman of Access Holdings and Coronation Group, with interests in banking and financial services.
• Bethlehem Tilahun Alemu (Ethiopia) - Founder of SoleRebels, an eco-friendly footwear company promoting sustainable manufacturing practices.
• Ismael Belkhayat (Morocco) - Co-founder of Chari, an e-commerce platform connecting retailers with suppliers.
• Jeremy Awori (Kenya) - Group CEO of Ecobank, a pan-African banking conglomerate operating in numerous African countries. Moulay Hafid Elalamy (Morocco) - Founder of Saham Group, with investments in insurance, offshoring, and healthcare sectors.
• Aziz Akhannouch (Morocco) - CEO of Akwa Group, a conglomerate with interests in petroleum, gas, and chemicals.
• Michelo Shakantu (Eswatini) - Executive Chairman of Inyatsi Group Holdings, a conglomerate in construction, telecommunications, mining, and healthcare sectors, contributing to infrastructure development and economic growth across multiple African countries.

In a world that frequently overlooks Black excellence in industry, it is crucial to celebrate and support those who are breaking barriers, shaping economies, and building legacies that will benefit future generations. Now is the time to recognise and uplift black industrialists.

* Karabo Ngoepe is the CEO of Rubicon Media Group in Eswatini, a media practitioner with over 10 years of experience in various media roles, including print, online, radio, television, and newswire agencies.

** The views expressed here do not reflect those of the Sunday Independent, Independent Media, or IOL.