Nigerian businessman and Heirs Holdings Chairman, Tony Elumelu, has called for a shift in Africa’s economic relationship with the international community from traditional aid towards trade, investment and private-sector partnerships.
Elumelu made the call during a fireside discussion on the sidelines of the 81st United Nations General Assembly in New York, where he urged international investors and policy leaders to view Africa primarily as a continent of economic opportunities rather than through the lens of aid dependency.
He argued that sustainable economic growth requires stronger African trade, entrepreneurship and domestic private capital. According to him, international investors can contribute more effectively by forming partnerships with credible African businesses and financial institutions that understand local markets.
Elumelu also challenged what he described as the tendency to treat Africa as a single, uniformly high-risk market. He said the continent’s 54 countries have different economic conditions and opportunities, making country-specific and locally informed investment partnerships important for unlocking growth.
The businessman, who has long promoted the Africapitalism philosophy, said foreign aid can provide short-term relief but cannot by itself create the industrial infrastructure and productive capacity required for sustained economic development. He called for greater participation by venture funds, pension managers and development finance institutions in financing African businesses and major infrastructure projects.
He pointed specifically to energy corridors and trade hubs as areas where increased investment could strengthen economic activity. He also linked economic opportunity to the continent’s large youth population, arguing that creating jobs and productive opportunities for young Africans is important to reducing economic insecurity and addressing pressures that can contribute to irregular migration and social instability.
Elumelu cited the experience of the Tony Elumelu Foundation, which he said has committed $100 million to training and funding young African entrepreneurs. He presented the foundation’s entrepreneurship programme as an example of how targeted support for businesses can contribute to employment and economic activity.
Energy was another major part of his argument. Elumelu said Africa’s development ambitions would be difficult to achieve without reliable electricity, noting that hundreds of millions of Africans still lack access to basic electricity. He advocated the use of Africa’s natural gas resources as a transition fuel while countries simultaneously expand renewable energy infrastructure.
On international trade, Elumelu called for existing commercial frameworks to be modernised in ways that reduce production and transportation costs for African exporters. He specifically mentioned the African Growth and Opportunity Act and urged international arrangements to support stronger African export capacity.
He also called for deeper implementation of the African Continental Free Trade Area, saying future trade arrangements should encourage regional supply chains, local manufacturing and the removal of regulatory barriers that limit commerce between African countries.
His position comes amid wider efforts to strengthen intra-African trade and regional economic integration. An African Union report published in August 2026 found that about 85 per cent of Africa’s trade still flows outside the continent, while more than 60 per cent of intra-African trade consists of manufactured goods. The report identified stronger regional value chains, reduced trade barriers and investment in regional infrastructure as important areas for accelerating integration.
Elumelu’s remarks therefore place private-sector investment and African-led commercial partnerships at the centre of his proposed approach to development. While his recommendations represent his own economic position, they form part of a broader discussion among African policymakers and business leaders about how the continent can increase domestic value creation, expand trade and reduce dependence on external assistance.
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