Nigerian business tycoon Tony Elumelu has urged Africans to warmly welcome investors from every corner of the world and finally move beyond colonial-era grievances, insisting the continent’s future depends on bold economic partnerships.
The 63-year-old, one of Africa’s wealthiest figures, chairs Heirs Holdings, Transcorp and United Bank for Africa.
He also founded the Tony Elumelu Foundation to nurture the next generation of young entrepreneurs across the continent.
His comments came on the sidelines of the Africa Forward Summit in Nairobi, co-hosted by France and Kenya.
“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” Elumelu told AFP.
“Anyone that can help us address this is welcome in Africa,” he added, explicitly naming partners from the United States, France, Middle Eastern nations, Russia and China.
Elumelu recently accepted an invitation from French President Emmanuel Macron to join the Africa France Impact Coalition, a platform designed to expand trade between French and African companies.
Although France’s colonial history still sparks controversy in parts of the continent, he rejects the backlash.
Arrests were made in Nairobi this week after a small group of protesters tried to storm the summit, accusing France of “neo-colonialism.”
Elumelu, however, dismissed such protests outright.
“We should stop this victim mentality,” he said. “We should be cognisant of the history, our history, but more importantly, we should commit to the future.”
“We should, to a large extent, let the past be. 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,” Elumelu added.
His own investment empire spans hospitality, real estate, energy, agribusiness and financial services. Yet he insisted the most pressing priority remains infrastructure.
“What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation system, security, and ease of doing business,” he explained.
“These are the things that are important.”
As Africa turns into a fierce arena of economic competition involving the United States, China, Europe, Russia, Turkey and Gulf monarchies, Elumelu sees opportunity rather than threat.
“It is a good place to be at, as Africans, at this point in time,” he noted.
With the continent’s median age under 20, he stressed that the ultimate measure of progress must be rapid job creation for the youth.
“They need jobs, they need improved access to electricity, they need to join the internet… the AI bandwagon,” Elumelu said.
“What is important is providing this enablement, this infrastructure requirement, so that our young ones can take off.”
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