« We Need Massive Private Global Capital Coming Into Africa » – Tony Elumelu

Speaking on the sidelines of the Africa Forward Summit in Nairobi, the Nigerian business mogul made the case for investment over grievance, and infrastructure over everything.

Key points

• Tony Elumelu, Chairman of UBA, Heirs Holdings, and Transcorp, spoke to AFP at the Africa Forward Summit in Nairobi
• He called for massive private global capital inflows into Africa, welcoming investment from all corners–the US, France, China, Russia, and Gulf states
• His message to Africa: commit to the future, not the past

Tony Elumelu has spent decades building one of Africa’s most diversified business empires–spanning banking, energy, real estate, agribusiness, hospitality, and financial services through Heirs Holdings, Transcorp, and United Bank for Africa. 

At 63, the Nigerian mogul remains one of the continent’s most prominent voices on what African development actually requires. This week, on the sidelines of the Africa Forward Summit in Nairobi, he used that platform to deliver a message that was equal parts pragmatic and provocative.

« What we need in Africa in the 21st century is massive private global capital coming into Africa, » he told Agence France-Presse, AFP. « Anyone that can help us address this is welcome. »

Investment Without Borders

For Elumelu, the source of capital is secondary to its impact. Whether it comes from the United States, France, China, Russia, the Middle East, or elsewhere, he wants it in Africa. The continent has become an arena of economic competition between multiple global powers, and Elumelu sees that as an opportunity rather than a threat.

« It is a good place to be at, as Africans, at this point in time, » the Nigerian said.

French President Emmanuel Macron recently appointed Elumelu to the Africa France Impact Coalition, a body aimed at promoting trade between French and African companies.

What Africa’s Youth Actually Needs

Beyond capital flows, Elumelu is focused on what he calls the infrastructure imperative. With the median age of Africans under 20, he argues that rapid job creation is the ultimate development priority and that it can only happen if the basic conditions for enterprise are in place.

« What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation systems, security, and ease of doing business, » he said. « What is important is providing this enablement, this infrastructure requirement, so that our young ones can take off. »

The anti-France threat

Over the past few years, an anti-France movement has been mounting across parts of sub-Saharan Africa, in West Africa especially. This week, a small group of protesters was arrested in Nairobi after attempting to enter the Africa Forward summit, accusing France of neo-colonialism. Commenting on the anti-France movement, Tony Elumelu is unequivocal.

« We should stop this victim mentality, » he said. « We should be cognisant of our history, but more importantly, we should commit to the future. President Macron was not born 100 years ago–this is a new age. And I commit to his commitment to Africa, and I believe he’s sincere. »