Tony Elumelu Advocates for Investment Over Aid in Africa

Tony Elumelu, founder of the Tony Elumelu Foundation, stated that Africa requires investment and trade rather than aid to foster development and unlock its economic potential. Speaking at the 25th annual conference of Women in Management, Business and Public Service on November 6, 2026, in Lagos, he pointed out that the foundation received 265,529 applications from young Africans with business ideas but could only fund 3,200, indicating a significant shortage of capital rather than entrepreneurial talent.

Elumelu stressed the need for African countries to mobilize local investment, particularly from pension funds, banks, and insurance companies, to finance businesses. He identified electricity, value creation, access to capital, and intra-African trade as major barriers to economic growth.

He argued for the importance of reliable power for industrialization and urged African nations to focus on processing raw materials locally. Elumelu also noted that less than a fifth of Africa's trade occurs among African countries, despite the establishment of the African Continental Free Trade Area.