Nigerian businessman and philanthropist Tony Elumelu has called on African countries to welcome foreign investors and move beyond colonial era grievances in order to accelerate economic growth and development across the continent.
Speaking during the Africa Forward Summit in Nairobi, co hosted by France and Kenya, Elumelu said Africa urgently needs massive private global capital to tackle major development challenges and create opportunities for millions of young people.
Elumelu, who chairs Heirs Holdings, Transcorp, and United Bank for Africa, said Africa should remain open to partnerships from countries including the United States, France, China, Russia, and Middle Eastern nations.
According to him, any country or investor willing to contribute to Africa’s economic transformation should be welcomed. He stressed that the continent’s future depends heavily on investment in infrastructure, technology, and entrepreneurship.
The billionaire businessman also dismissed criticisms linked to France’s colonial history in Africa. Reacting to protests at the summit accusing France of neo colonialism, Elumelu said Africans should focus more on building the future rather than remaining trapped by the past.
He stated that while history should not be ignored, Africans must avoid adopting a victim mentality that could slow development and discourage international partnerships.
Elumelu praised French President Emmanuel Macron’s engagement with Africa and expressed confidence in his commitment to supporting stronger economic ties between African and French businesses.
He highlighted the urgent need for improved electricity supply, transportation systems, security, and a better business environment across Africa. According to him, these factors are essential for empowering young entrepreneurs and driving economic expansion.
Elumelu also pointed to Africa’s youthful population as a major advantage, noting that millions of young Africans need jobs, internet access, and opportunities to participate in the growing global technology and artificial intelligence sectors.
He concluded by saying Africa is now in a strong position as global powers increasingly compete to invest in the continent’s future.
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