Tony Elumelu Calls for Greater Global Investment in Africa and Urges Shift From Colonial Grievances

(Tony Elumelu. Photo by Arise news)

Prominent Nigerian businessman and philanthropist Tony Elumelu has urged Africans to embrace foreign investment from all corners of the globe and move past grievances rooted in colonial history, in remarks made to AFP.

Elumelu, 63, is among Africa's most wealthy and influential figures, heading major banking and investment outfits such as Heirs Holdings, Transcorp, and United Bank for Africa.

He is also the founder of The Tony Elumelu Foundation, which is dedicated to supporting and nurturing young African entrepreneurs.

Speaking on the sidelines of the Africa Forward Summit in Nairobi co-hosted by France and Kenya Elumelu stressed that what Africa urgently needs is a massive influx of private global capital, and that any nation or entity capable of contributing to that goal, whether from the United States, France, the Middle East, Russia, or China, should be welcomed without hesitation.

Elumelu was recently appointed by French President Emmanuel Macron to the Africa France Impact Coalition, a platform designed to strengthen trade ties between French and African businesses.

France's colonial history in Africa continues to make it a sensitive and controversial partner across much of the continent, a reality that was reflected this week when protesters in Nairobi attempted to gate-crash the summit, accusing France of practicing neo-colonialism.

However, Elumelu firmly dismissed such sentiments, calling on Africans to shed what he described as a victim mentality.

While acknowledging the importance of historical awareness, he urged the continent to focus more on the future, pointing out that present-day leaders like President Macron bear no personal responsibility for events that occurred a century ago.

On the pressing developmental needs of the continent, Elumelu identified improved electricity access, mass transportation, security, and a more business-friendly environment as the most critical requirements for Africa's young entrepreneurs.

With the continent's median age sitting below 20, he emphasized that rapid job creation must be the central goal of any meaningful development agenda, alongside expanding internet access and ensuring African youth are not left behind in the global artificial intelligence revolution.