Billionaire businessman and philanthropist Tony Elumelu has reiterated his concern about building a new African economy, driven not by aid but by private sector leadership.
He expressed this in a keynote speech at the Abuja Business and Investment Summit and Expo 2025 in Abuja.
The event brought together policymakers, business leaders, investors, and entrepreneurs to catalyse ways to shape a more prosperous Africa.
In a post he shared on Friday, October 24, Elumelu’s submission is that sustainable change begins when the public and private sectors come together, not as adversaries, but as partners in progress.
Elumelu, who chairs the United Bank for Africa and Heirs Holdings Group, said while Africa is at a pivotal moment, the private sector is the engine for Africa’s transformation.
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“We are the world’s youngest continent, rich in natural resources, creativity, and entrepreneurial energy. Yet we continue to face challenges, youth unemployment, infrastructure deficits, limited access to finance, and the devastating effects of climate change.
“We need to seize the chance to build a new African economy, driven not by aid, but by private sector leadership. Across the continent, businesses are already reimagining what is possible, from fintech innovators in Lagos to agribusiness entrepreneurs in Kigali,” Elumelu said.
He noted that at Heirs Holdings Group, this belief shapes everything the company does and reflects its investment philosophy.
“We call it Africapitalism; the conviction that Africa’s private sector must lead in transforming our continent, by investing long-term in critical sectors that create both economic and social wealth.
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“True business leadership is not just about profit; it is about progress. A broader commitment to our society and our continent,” Elumelu maintained.
He explained that his company has transformed the Transcorp Hilton Abuja from an ageing landmark into one of Africa’s leading hotels, a world-class symbol of African excellence.
It had deepened its commitment this year with the launch of the Transcorp Event Centre, a 5,000-capacity, ultramodern facility positioning Abuja as a true business and tourism hub for Africa.
“Through our investment in the Abuja Electricity Distribution Company (AEDC), we are strengthening value chain delivery, with our power distribution company. We are providing access to power because reliable electricity drives productivity, powers hospitals and schools, and fuels business growth,” Elumelu stated.
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According to Elumelu, over 24,000 young Africans have been empowered through the Tony Elumelu Foundation (TEF), including 641 in Abuja, each receiving $5,000 in non-refundable seed capital, alongside world-class training and mentorship, stressing that true prosperity cannot exist for one if the many still live in poverty.
“To sustain transformation, we need a new social contract, one that binds government, business, and citizens in trust and shared vision. Governments must create an enabling environment with stable policies, reliable infrastructure, and regulatory predictability.
“In return, the private sector must invest ethically, locally, and with purpose, delivering impact that uplifts entire communities,” he said.
He believes that predictable regulation builds investor confidence, and while policy consistency attracts long-term capital, trust is the currency of investment.
“At every forum I attend globally, I am asked: ‘Why invest in Africa when the risks are so high?”
“My answer is simple: there is risk everywhere, but in Africa, the returns are higher, and the impact is deeper,” the business mogul said.
“When you create one job in Africa, it is equivalent to a hundred elsewhere, because here, every opportunity transforms a family, and every success inspires a generation.
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“But we must also invest in our own continent. How can we expect others to believe in Africa if we do not? It is an unpatriotic act to make wealth here and store it elsewhere. We must make money, yes, but we must also build economies,” Elumelu further emphasised.
He added that Africa’s story will not be written in boardrooms in New York, London, or Beijing, but will be written here by African entrepreneurs, investors, and leaders who choose to turn potential into prosperity.
“Let us align capital with vision. Let us believe in African excellence. Let us invest in African innovation.
“As I told the audience in Abuja: ‘Building economies, investing in society, this must be the new African business ethos.’ Because when investors succeed, nations succeed. And when many prosper, peace endures,” he said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
