Elumelu urges investment over aid for Africa's development

Tony Elumelu, the chairman of the United Bank for Africa Group, has called on the global community to stop giving aid to Africa. He believes that relying on aid prevents the continent from reaching its full potential. Elumelu stated that Africa should be seen as an opportunity rather than a problem. He urged foreign investors to focus on the benefits of investing in Africa, especially with the potential $450 billion boost to the continent's economy expected from the African Continental Free Trade Area (AfCFTA) by 2035. He emphasized the importance of tapping into Africa's resources, youthful population, and emerging digital economy. Elumelu pointed out that instead of traditional aid, investors should seek collaboration and shared goals with African nations. In an opinion piece for the World Governments Summit, he noted that Africa's digital economy is growing rapidly. Investments in technology, infrastructure, and access to finance are essential for nurturing small and medium-sized enterprises. The Tony Elumelu Foundation has been active in promoting entrepreneurship by funding nearly 10,000 entrepreneurs across 54 African countries. This initiative has helped create over 800,000 jobs and builds a digital ecosystem for more than a million young Africans. Recently, the foundation awarded a $5,000 grant to a young Nigerian inventor, Oyekunle Michael, for his innovative fuel-free generator. Elumelu's efforts highlight his belief in empowering African entrepreneurs to drive the continent's development.