Chairman of the United Bank for Africa (UBA) and founder of the Tony Elumelu Foundation, Tony Elumelu, delivered a compelling call for Africa’s economic future to be driven by private sector leadership that balances profitability with social progress.
Speaking at the 2025 Abuja Business and Investment Summit and Expo on Wednesday, Elumelu stressed that no nation has ever attained sustainable prosperity without a robust private sector at its core.
“The private sector is the engine of productivity, the connector of markets, the mobiliser of investment, and the builder of resilience,” he said. Across Africa, the private sector already accounts for over 70 percent of GDP and employs 80 percent of the workforce, underscoring its pivotal role.
Elumelu introduced his concept of Africapitalism, the belief that Africa’s private sector must lead the continent’s transformation through long-term investments that generate both economic wealth and social value.
He urged African business leaders to “lead with purpose,” by prioritising investments in youth development, skills training, sustainability, and digital innovation. “Doing well and doing good are not mutually exclusive, they are the twin pillars of Africa’s transformation,” he added.
Highlighting the success of Heirs Holdings, which celebrates 15 years this year, Elumelu showcased how the group has implemented this philosophy by creating jobs, expanding energy access, and improving communities across the continent.
Predictability and Partnerships: Keys to Investment Growth
Elumelu called for stronger collaboration between governments and businesses, emphasising that policy consistency is the currency of investment.
“Predictable regulations attract patient, long-term capital; inconsistency drives it away,” he said. Governments must focus on delivering sound macroeconomic policies, reliable infrastructure, and clear regulatory frameworks, while businesses should uphold ethical standards and deliver measurable social impact.
“When investors succeed, the nation succeeds,” he asserted.
Capital for Growth: A Pan-African Vision
Elumelu advocated for patient, purposeful, and Pan-African capital to fuel the continent’s expansion. He called for the deepening of domestic capital markets, fintech innovation, and enhanced credit access for small and medium enterprises.
“If we align capital with vision, Africa will not just grow, it will thrive,” he said, stressing the need to shift from extractive business models toward productive, value-creating economies.
“Building economies, not extracting profits, that must be the new African business ethos,” Elumelu declared.
A Call to African Entrepreneurs: Build the Africa We Deserve
Challenging African investors to believe in themselves and their continent, Elumelu said:
“How can we expect foreign investors to believe in us if we don’t invest in our own economy? Let us believe in African excellence. Let us build the Africa we deserve prosperous, inclusive, and self-reliant.”
He concluded with a stirring message: Africa’s future will not be decided in distant boardrooms in New York, London, or Beijing, but by African entrepreneurs and investors leading at home.
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