Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, has highlighted the significance of African AI startups attracting $1.25 billion in funding.
According to Elumelu in a post on his official X handle on Monday, this development indicates investors have increasing confidence in African markets.
“The rise of African AI startups, which have attracted $1.25 billion in funding to date, signals growing investor confidence in our markets,” Elumelu stated.
Elumelu reiterated that Africa’s digital economy could add up to $2.9 trillion to GDP by 2030.
To achieve this, massive and sustained investment in digital infrastructure is crucial, he said, adding “Such investment is not optional; it is foundational to enabling economic growth, competitiveness, and resilience.
He pointed out that policymakers, private sector leaders, and international partners must work together to create an enabling environment for businesses to thrive.
He added: “We must act not as passive participants in the global digital economy, but as strategic architects of Africa’s digital future.”
Elumelu also emphasized the need for Africa to strengthen its business environment and create investor-friendly policies.
“To sustain momentum, Africa must strengthen its business environment, create investor-friendly policies, and build the infrastructure needed to support scale.”
This, he believes, will enable African startups to compete globally and drive economic growth.
Persecondnews recalls that the Tony Elumelu Foundation has been at the forefront of empowering African entrepreneurs, providing $5,000 in seed capital to young African entrepreneurs to spur economic growth across the continent.
To date, the foundation has supported over 20,000 entrepreneurs across 54 African countries, creating 400,000 direct and indirect jobs and generating over $2.3 billion in revenue.
Elumelu’s statement serves as a call to action for stakeholders to invest in Africa’s digital infrastructure and create an enabling environment for businesses to thrive.
By doing so, Africa can unlock its full potential and become a strategic player in the global digital economy.
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