Tony Elumelu Advocates for Trade Over Aid at UNGA 2026

During a fireside chat at the United Nations General Assembly, Tony Elumelu, the Group Chairman of Heirs Holdings, called for a shift in Africa’s development model from reliance on foreign aid to a focus on trade, investment, and private sector-led growth. The session, titled the “Darryl G.

Behrman Lecture on Africa Policy,” was moderated by Michael Froman, President of the Council on Foreign Relations. Elumelu argued that Africa should be viewed as a high-return investment destination rather than an aid-dependent continent.

He highlighted the need for international investors to recognize the economic dynamism across Africa's 54 nations and to form partnerships with local business leaders. Elumelu reiterated his philosophy of Africapitalism, stressing that sustainable industries cannot be built solely on aid.

He also addressed youth unemployment as a critical issue for continental security and global stability, advocating for support of youth-led enterprises through the Tony Elumelu Foundation's initiatives.