ABUJA, NIGERIA — Nigerian businessman and philanthropist Tony Elumelu has urged African countries to abandon what he described as a victim mentality and focus instead on attracting investment, strengthening infrastructure, and empowering young entrepreneurs.
Elumelu made the remarks while speaking on the future of economic growth and development across the African continent.
The chairman of Heirs Holdings stressed that Africa possesses enormous human and natural resources capable of transforming the continent into a major global economic force.
According to him, African nations must move beyond dependence on foreign aid and begin creating environments that encourage investment and innovation.
He argued that infrastructure development remains critical to unlocking opportunities for millions of young Africans seeking employment and business growth.
The philanthropist emphasized the need for stable electricity, improved transportation systems, digital connectivity, and stronger financial institutions to support entrepreneurship.
Elumelu also encouraged African governments to adopt policies that make the continent more attractive to local and foreign investors.
He noted that private sector participation would play a major role in accelerating economic transformation and reducing poverty.
The business leader has long advocated his philosophy of “Africapitalism,” which promotes the idea that Africa’s private sector should drive economic and social development.
Analysts say his comments reflect growing conversations around self-reliance, economic reforms, and youth empowerment across Africa.
The continent continues to face major challenges including unemployment, infrastructure deficits, insecurity, and limited industrial capacity.
Despite those challenges, Africa remains one of the world’s youngest and fastest-growing regions in terms of population and digital innovation.
Economic experts argue that investment in infrastructure and entrepreneurship could significantly improve productivity and create millions of jobs.
Elumelu highlighted the importance of supporting young entrepreneurs, noting that many African youths possess creativity and business potential but lack access to funding and enabling environments.
His foundation has supported thousands of entrepreneurs across Africa through grants, mentorship, and training programmes.
Observers say the remarks are likely to resonate strongly at a time when many African countries are seeking greater economic independence and sustainable development strategies.
Critics of overreliance on foreign aid have repeatedly argued that long-term development requires stronger institutions, investment, and industrial growth.
Supporters of Elumelu’s position believe changing perceptions about Africa could also improve investor confidence and international partnerships.
The philanthropist maintained that Africa’s future depends largely on the willingness of leaders and citizens to embrace innovation, productivity, and economic responsibility.
Attention now turns to how governments and private sector actors across the continent will respond to growing calls for infrastructure expansion and youth-driven economic development.
