Speaking to AFP on the sidelines of the Africa Forward Summit in Nairobi—co-hosted by France and Kenya—Elumelu said Africa’s development urgently requires large-scale international investment.
“What we need in Africa in the 21st century… we need massive private global capital coming into Africa,” he said.
He added that investors from across the world—including the United States, France, China, Russia, and Middle Eastern countries—should all be welcomed if they contribute to growth.
“Anyone that can help us address this is welcome in Africa,” he said.
“We Should Stop This Victim Mentality” — Elumelu
Elumelu, who chairs major institutions such as Heirs Holdings, Transcorp, and the United Bank of Africa, also dismissed concerns about lingering colonial influence in Africa’s modern economic partnerships.
“We should stop this victim mentality,” he told AFP. “We should be cognisant of the history, our history, but more importantly, we should commit to the future.”
He argued that Africa must prioritise development over historical grievances, insisting that current global partnerships are driven by present-day realities rather than colonial legacies.
“We should, to a large extent, let the past be. President Macron was not born 100 years ago, this is a new age,” he said, referencing French President Emmanuel Macron’s renewed engagement with Africa.
Infrastructure, Jobs, and Digital Access at the Core of Africa’s Future
Elumelu, who also founded The Tony Elumelu Foundation to support young African entrepreneurs, stressed that infrastructure remains the biggest barrier to growth on the continent.
“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.
“These are the things that are important.”
He also highlighted Africa’s demographic advantage, noting that the continent’s youthful population must be at the centre of development strategies focused on jobs and digital inclusion.
“They need jobs, they need improved access to electricity, they need to join the internet… the AI bandwagon,” he said.
Africa as a Global Economic Battleground
Elumelu further noted that Africa has become a key arena of global economic competition involving the United States, China, Europe, Russia, Turkey, and Gulf nations, describing the attention as an opportunity rather than a setback.
“It is a good place to be at, as Africans, at this point in time,” he said.
His comments come amid ongoing debates about France’s role in Africa, particularly during the Africa Forward Summit, where protests erupted in Nairobi over accusations of “neo-colonialism” linked to France’s historical presence on the continent.