AFRICA NEEDS INVESTMENT, NOT AID – ELUMELU
Founder of the Tony Elumelu Foundation, Tony Elumelu, has called for a shift in Africa’s development strategy, insisting that the continent needs investment, trade and entrepreneurship rather than dependence on foreign aid.
Elumelu argued that Africa’s economic transformation would be driven by empowering businesses, attracting private-sector investment and creating opportunities for entrepreneurs across the continent.
According to him, Africa has enormous economic potential, but unlocking it requires sustainable financing, stronger trade partnerships and policies that encourage businesses to grow.
The Nigerian billionaire and philanthropist has consistently advocated Africapitalism — an economic philosophy that places the private sector at the centre of Africa’s development through long-term investments that generate both economic and social benefits.
He believes that supporting African entrepreneurs and small businesses can create jobs, reduce poverty and strengthen local economies.
Elumelu’s position reinforces growing calls for African countries to move beyond aid dependency and build economies driven by investment, innovation, trade and enterprise.
