"I welcome the establishment of Business Action for Africa and add my personal greetings to all business leaders who will participate in the business summit." - RT Hon Tony Blair - Prime Minister of the United Kingdom

London - G8- Business Action for Africa Summit , U.K 5-6 July 2005

NBF officials attended the G8-Business Action for Africa event. Ade Famoti, NBF President, and Bukky Adeyemi, United Kingdom regional representative were delegates at the event.

The summit was ahead of the G8 summit of industrialised nations in Gleneagles, Scotland. The G8 Business Summit on Africa was held in London on 5- 6 July on the eve of the G8 Summit in Gleneagles. Part of the G8 programme of events and co-sponsored by the New Partnership for Africa’s Development (NEPAD), the G8 Business Action for Africa Summit will brought together business leaders from Africa and across the G8. The results of the business summit were transmitted to the Prime Minister as Chair of the G8 summit.

Sir Mark Moody-Stuart, Chairman of Anglo American plc and chair of the G8 Business Action for Africa Summit, said “The business community stands ready to play its full part in promoting a successful and prosperous Africa, in partnership with governments, civil society and donors. There will only be sustainable development in Africa if the increase in government aid flows is complemented by a resurgence of enterprise – foreign direct investment, yes but also a business enabling environment and trade regime for indigenous African businesses of all sizes. This is an opportunity for a diverse set of businesses with shared objectives for Africa to come together to speak with one voice, and act with one purpose - to showcase and spread good business practice, share ideas and work together for greater impact. We invite our peers in business – who share our sense of commitment and optimism towards Africa’s future – to join us”.

Speaking on the first day of the conference, Pascal Dozie, chief executive of Nigeria's Diamond Bank, said "the key to eradicate poverty is wealth creation, and you can only create wealth through the private sector through investment and job creation". However, Dozie added that, in order to thrive, Africa's private sector needs help to grow.

On Tuesday, as this two day meeting started, a message from British Prime Minister Tony Blair hailed the private sector as the "engine for growth in Africa".

Other participants at the conference were President Olusegun Obasanjo of Nigeria who delivered the closing speech. President Levy Mwanawasa of Zambia, Finance Minister Trevor Manuel of South Africa, and Britain's International Development Secretary Hilary Benn, as well as business leaders from Africa and the G8 nations.

Currently there are over 60 organisations signed up to the Business Action for Africa coalition, including some of the best known British companies trading with Africa, some of which have a sordid past. including collaboration with apartheid - a disreputable history they are now trying to live down.

Cross section of African Presidents and G8 Presidents at Gleneagles

Cross section of the G8 - Business Action for Africa summit

Participants also called on G8 to take part in the battle against corruption. The Director of the Zambia Business Forum, Silane Mwenechanya, said that "to ensure that everyone is playing by the rules, there is a major role to be played by the G8".

Mwenechanya called for G8 to give more help with repatriation of money obtained by corrupt means and now held by African elites abroad.

The G8 Business Action for Africa Summit was part of the official G8 programme of events and was organised by the Commission for Africa and the Commonwealth Business Council and co-sponsored by NEPAD.