Tony O. Elumelu has called for a fundamental shift in Africa’s development strategy, urging leaders and global partners to move away from aid dependency and focus on policies that drive economic prosperity, job creation and infrastructure development across the continent.
Speaking at the 2026 Africa Forward Summit convened by William Ruto and Emmanuel Macron, Elumelu told heads of state, investors and global business leaders that Africa is ready for equal partnerships capable of accelerating long-term economic transformation.
The founder and group chairman of Heirs Holdings said Africa’s future depends heavily on investments in electricity and infrastructure, noting that both sectors remain critical to unlocking productivity, industrialisation and sustainable economic growth across the continent.
“We welcome true partnership — partnerships of substance and based on equity — where Africans and African solutions catalyse Africa’s future,” Elumelu said during the summit.
He explained that Africa’s private sector must play a leading role in mobilising capital needed to bridge the continent’s infrastructure gap while creating opportunities for millions of young Africans entering the labour market.
“The private sector is what will help us mobilise capital to drive investment in infrastructure, investment in electricity. These are two critical requirements for the economic prosperity and development of Africa,” he said.
According to Elumelu, creating a stable operating environment for businesses would encourage investment, stimulate entrepreneurship and help governments address poverty and unemployment challenges.
“If we create the right operating environment, we will create jobs for our people. We will alleviate poverty and deliver growth and prosperity,” he added.
The Nigerian business leader also pushed back against the traditional narrative of aid-focused engagement with Africa, insisting that the continent’s youthful population requires opportunities rather than dependence on external support.
“In Africa, we have a young population. There is no room for victim mentality. Our youth do not need handouts; they need jobs, they need improved access to electricity, they need to join the internet,” Elumelu said.
He stated that expanding access to infrastructure and digital connectivity would enable young Africans to unlock their potential and contribute meaningfully to economic development.
Elumelu noted that Africa remains one of the fastest-growing regions globally and should position itself to attract strategic investments from credible international partners willing to support inclusive development.
“It is a good place to be at, as Africans, now. We should embrace those who want to help us catalyse growth in Africa,” he said.
The businessman also highlighted the activities of the Tony Elumelu Foundation, which he described as one of the continent’s largest entrepreneurship support platforms.
According to him, the foundation has provided access to training for over 2.5 million young Africans and funded more than 27,000 entrepreneurs across all 54 African countries.
Elumelu’s remarks align with the broader investment strategy of Heirs Holdings, which maintains interests in sectors including power, financial services, healthcare, hospitality and technology.
