Nigerian billionaire and entrepreneur, Tony Elumelu, has appealed to global investors to support Africa’s economic transformation, emphasizing the continent’s potential to grow its Gross Domestic Product (GDP) by $450 billion by 2035 through the African Continental Free Trade Area (AfCFTA).
Elumelu, who is the Chairman of Heirs Holdings and United Bank for Africa, highlighted that despite Africa’s youthful population, rich natural resources, and digital expansion, the continent’s potential is often overlooked. He urged investors to move away from seeing Africa as a charity case and to view it as an investment opportunity.
“Africa is not a charity case. It is the next frontier for global economic growth,” Elumelu stated in an opinion piece published for the World Governments Summit.
He pointed out that the AfCFTA, which unites 1.3 billion people, will add $450 billion to Africa’s GDP, and encouraged investors to seize this opportunity.
Elumelu, a strong advocate for Pan-Africanism, is known for promoting Africapitalism—a philosophy that emphasizes the role of the African private sector in fostering economic growth and social prosperity. Through his Tony Elumelu Foundation, Elumelu has funded nearly 10,000 entrepreneurs across all African countries and established a digital ecosystem that reaches over one million Africans.
He also underscored the importance of Africa’s growing digital economy, with internet penetration rising to 45% in 2023. Tech startups raised a record $5 billion in 2022, and small and medium-sized enterprises (SMEs) now account for 80% of the continent’s employment.
Elumelu called for increased investment in broadband infrastructure, energy, and financial services to unlock Africa’s full potential.
“Africa needs partners who recognize the value of African entrepreneurship and innovation,” he said.
Through his foundation, which has invested over $100 million in African entrepreneurs, Elumelu has helped create over 800,000 jobs and lifted millions out of poverty. He believes the donor-recipient model must evolve to one of shared goals and collaboration, urging the world to view Africa as a partner in growth, not a problem to solve.
