Nigerian billionaire businessman Tony Elumelu has called on global investors to shift from aid to investment in Africa, emphasizing the continent’s economic potential and the opportunities presented by the African Continental Free Trade Area (AfCFTA).
Elumelu, who chairs Heirs Holdings and United Bank for Africa, highlighted Africa’s projected $450 billion Gross Domestic Product boost from AfCFTA by 2035, noting that the continent’s youthful population, natural resources, and expanding digital economy make it a prime destination for investment.
“Africa is not a charity case. It is the next frontier for global economic growth,” Elumelu stated in an opinion piece published ahead of the World Governments Summit.
He stressed the importance of supporting African entrepreneurship, pointing to his foundation’s efforts, which have funded nearly 10,000 entrepreneurs and created over 800,000 jobs across the continent.
Elumelu also underscored Africa’s growing digital sector, noting that internet penetration reached 45% in 2023, and tech startups raised a record $5 billion in 2022. He called for increased investment in broadband infrastructure, power, and financial access to unlock Africa’s full potential.
“The traditional donor-recipient model must evolve into one of shared goals and collaboration,” he said. “The world must see Africa as a partner, not a problem to solve.”
