Nigerian philanthropist and business magnate, Tony Elumelu, has called for a new approach to Africa’s development anchored on investment, partnership, and entrepreneurship rather than foreign aid.
Speaking on Monday at an Africa–Europe Summit focused on economic cooperation and sustainable development, Elumelu emphasized that the continent’s long-term prosperity depends on mutual partnerships and locally driven initiatives.
“Africa needs partners, not charity. Our future will not be built by aid, but by investment, partnership, and entrepreneurship,” Elumelu stated.
The summit brought together policymakers, investors, and business leaders from both continents to explore ways to deepen trade relations, promote sustainable growth, and attract long-term capital to Africa.
Elumelu, who has long championed entrepreneurship as a tool for Africa’s transformation, reaffirmed that Africans must lead their own development, while the rest of the world plays a supportive and collaborative role.
“The time has come to redefine the relationship between Africa and the world, one based on dignity, respect, and shared prosperity,” he added.
He urged global leaders to rethink the continent’s relationship with international partners, moving away from aid-driven models to those that prioritize investment, entrepreneurship, and equal collaboration.
Highlighting Africa’s vast opportunities, Elumelu pointed to its young population, abundant natural resources, and growing innovation ecosystem as the foundation for sustainable economic progress.
He also underscored the importance of empowering small and medium-sized enterprises (SMEs) and young innovators, noting that they are central to unlocking Africa’s economic potential and achieving inclusive development.
Elumelu, founder of the Tony Elumelu Foundation, has consistently advocated for private-sector participation and entrepreneurship as catalysts for Africa’s self-reliance and global competitiveness.
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