Nigerian businessman and philanthropist Tony Elumelu has called on African countries to welcome foreign investors from across the world and move beyond what he described as a “victim mentality” rooted in the continent’s colonial history.
Speaking on the sidelines of the Africa Forward Summit in Nairobi, co-hosted by France and Kenya, Elumelu said Africa’s development priorities require massive inflows of private global capital to support infrastructure, business growth and job creation.
“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” he said in an interview with AFP.
The 63-year-old investor, who chairs Heirs Holdings, Transcorp and United Bank for Africa, said Africa should remain open to investment partnerships from countries including the United States, France, China, Russia and Gulf nations.
Calls to Move Beyond Colonial Tensions
Elumelu’s comments come amid ongoing debate over the role of former colonial powers in Africa’s economic future.
A small group of protesters in Nairobi attempted to disrupt the summit this week, accusing France of “neo-colonialism” and criticising its continued influence across parts of Africa.
However, Elumelu rejected those criticisms and urged African leaders to focus more on future opportunities than historical grievances.
“We should stop this victim mentality,” he stated. “We should be cognisant of the history, our history, but more importantly, we should commit to the future.”
He also defended Emmanuel Macron, who recently appointed him to the Africa France Impact Coalition, an initiative aimed at strengthening trade and investment ties between African and French businesses.
“President Macron was not born 100 years ago, this is a new age,” Elumelu said. “I believe he’s sincere.”
Infrastructure and Jobs Remain Critical
Beyond investment, Elumelu stressed that Africa’s biggest challenge remains inadequate infrastructure and limited economic opportunities for its youthful population.
“What our young entrepreneurs need in Africa is improvement in access to electricity, creation of mass transportation system, security, and ease of doing business,” he said.
He noted that Africa’s rapidly growing youth population makes job creation an urgent priority, particularly as the continent seeks to expand digital access and participate more actively in emerging technologies such as artificial intelligence.
“They need jobs, they need improved access to electricity, they need to join the internet… the AI bandwagon,” he added.
Elumelu described the growing global competition for influence in Africa involving countries such as China, the United States, Russia and European nations as a positive development for the continent.
“It is a good place to be at, as Africans, at this point in time,” he said. Through the Tony Elumelu Foundation, Elumelu has supported thousands of young African entrepreneurs with training, mentorship and startup funding aimed at promoting private sector-led development across the continent.
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